- ConsenSys-Backed Identity Firm, uPort Partners with PwC
- Are Blockchain Identity Systems the Solution?
According to reports, uPort, the ConsenSys-backed identity management platform has achieved another mile stone in its drive to become a top Blockchain-based protocol. Now uPort has made the news following reports that it had entered a partnership with PwC.
Joining uPort and PwC in the accord is Onfido, a Blockchain tech firm. The goal of the arrangement is to develop a rugged Blockchain-based identity management system that will serve the UK’s financial sector.
uPort and Two Others, Working to Create a Portable Identification Verification Process for Users
As of September 23, uPort revealed that the three entities are looking at new ways to provide a portable identity verification process. The goal is to improve the user sign-up process and cut down compliance costs for digital financial firms. Regarding the scheme, Mike Kennelly, a PwC Executive said:
“This initiative gives financial services better access, helps to reduce fraud and drives more competition in the UK banking sector. PwC analysts believe the changes in the banking sector has the potential to generate £34.6bn to the UK’s economy by the year 2030.”
uPort Moving to Meet the Increasing Demand for Secure Personal Data-Sharing Solutions
After the EU’s Payment Services Directive 2 became effective, there has reportedly been an increase in the demand for secure personal data-sharing solutions. uPort’s leader of strategy and operations Alice Nawfal, added:
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“The object is that users will have the capacity to create robust and dynamic financial identities according to the data they get from the financial institutions or banks that they have accounts at. Users will also be able to transfer their identities across multiple service providers.”
It should be recalled that Cointelegraph once reported that Blockchain use in data storage puts the data back in the hands of the original creators of the data. By storing user personal data on an encrypted, decentralized network, all customers will be able to give third parties limited access.
Are Blockchain Identity Systems the Solution?
Alastair Johnson, who serves as the CEO of ID platform, Nuggets, told Cointelegraph that by giving data control back to users, the Blockchain ID systems can effectively empower individuals and cut down administrative costs. He added that:
“Blockchain ID systems, adopt a user-centric approach. Here it eliminates the central points of failure. It does this by empowering people with self-sovereign possession of their data. Blockchain ID systems don’t need government bodies to either store or share personal data for individuals to gain access to services.”