Blockchain technology has become increasingly popular in recent times. Many firms across industries are beginning to understand the value of blockchain. Popular accounting firm, Deloitte has announced a partnership with Attest Inc, an identity management firm, in a bid to create a digital identity system that will be based on blockchain technology. This is according to a press release that was published yesterday.
Attest Inc is a Chicago based identity management firm. It offers shared identity platforms that allow clients to conduct transactions. This system allows customers of the government to offer citizens identity management services. The pair will build a digital identity offering for government-compliant identifiers. It will be developed based on Attest’s existing products and used by Deloitte’s clients. The Attest Wallet will be the first product from the collaboration. Attest wallet is a secure identity storage that is based on cryptography just like a cryptocurrency wallet. The wallet will allow users to store IDs digitally in one place. They will be able to access the information any time they want.
The second project both companies will work on is the Attest Enterprise. The Attest Enterprise is made up of two interfaces for application programing that allow users to verify their identities. Users will also be able to give third parties access or power to manage their data. The managing director at Deloitte, Wendy Henry, had this to say about the partnership:
“As many companies are trying to create and use personal wallets that allow individuals to control their identity, governments must look for solutions that serve all the citizens. This includes people who are unable to control their identity data digitally”.
Attest’s chief executive officer Cab Morris, said:
“A digital ID that is issued by the government will potentially reduce the risk and cost of running businesses across industries. It will also give citizens more control, security and privacy over personal data”.
A few months ago, Deloitte announced that it will work with the RiskBlock Alliance. This is a blockchain consortium that has initiated plans to expand into Canada by working with Deloitte. RiskBlock Alliance is going to start collaborating with insurance providers in Canada after registering as a legal entity. Deloitte, will handle matters related to development, methodology, and prioritization of applications.
In October, Deloitte mentioned five fundamental areas of development for the blockchain technology that were important if mass adoption is to be achieved. The company stated that things like lack of standardization, time-consuming operations, cost, lack of collaboration, and regulatory uncertainty need to be addressed.