uPort has inked a deal with Onfido and PwC to build blockchain-powered identity management platform for UK’s financial sector.
uPort, the digital identity platform built over Ethereum blockchain, said the three businesses are studying how portable identity validation can strengthen client sign-up processes and lessen financial firms ‘ regulatory burdens.
PwC executive Mike Kennelly explained how the system benefits financial instituitions:
“It opens up access to financial services, helps reduce fraud and is instrumental in driving more competition into the U.K. banking ecosystem. PwC analysis suggests technological step changes in the banking sector could bring a boost of more than £34.6bn to the UK’s economy by 2030.”
Following the implementation of the European Union’s Payment Services Directive 2, the demand for safe personal info-sharing mechanisms between financial institutions have been on the rise.
Alice Nawfal, the strategy and operations lead at uPort, is optimistic that the clients will be able to create strong financial identities using the information from all financial institutions.
Nawfal said “Our view is that consumers will eventually be able to build dynamic, robust financial identities based on data from all financial institutions they have accounts at, and be able to port their identities across service providers.”
Using blockchain in data leaves control in the hands of the creators. By saving personal information on encrypted, decentralized networks, users can simply give restricted access to external parties utilizing keys in methods comparable to cryptocurrency remittance.
Alastair Johnson, CEO of e-commerce payments and Nuggets ID platform, opined that blockchain ID systems can embolden people and also reduce management expenses by giving back data authority to users:
“A blockchain ID system, conversely, adopts a user-centric approach, eliminating central points of failure by empowering individuals with self-sovereign possession over their own data. A blockchain ID system would not require government bodies to store or share personal information in order for individuals to access services.”
