The Barclaycard partnership with Evernym will explore the benefits of self-sovereign identity (SSI).
SSI enables consumers to securely store information about their digital identity. That information will be completely under their control and used as proof of identity.
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Barclaycard self-sovereign identity agenda has the potential to make identity easier and more secure, replacing usernames and passwords for good.
Barclaycard also predicts that by 2022, 40% of interactions between businesses and their customers will be affected by a form of digital ID. This is known as self-sovereign identity (SSI).
With this in mind, the Barclaycard Payment Solutions (BPS) Innovation team, led by Ed Black, has partnered with SSI first movers, Evernym, in their 12-month Accelerator programme.
Through the Accelerator programme BPS is able to focus its efforts on developing a commercial proposition in a safe test environment and further explore the customer, business, legal and technical benefits of SSI.
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By GlobalDataBarclaycard self-sovereign identity
Evernym leverages Sovrin to develop tools and products that make it easier for businesses to integrate SSI capabilities into their own systems.
Furthermore, by utilising this technology, cybercrime and fraud will become less frequent. It will also simplify identity challenges on a major scale.
Director of Innovation at Barclaycard, Ed Black, said: “We are excited to be involved with the SSI Accelerator, which is helping us develop our strategic response to the self-sovereign identity market opportunity.
“With access to Evernym’s insight, tools and expertise we’ll be able to fast track our learning about Sovrin and better understand the implications of self-sovereign identity. And most importantly, we can rapidly experiment with this technology and its potential applications to the benefit of both customers and clients.”
Will passwords become a thing of the past?
Digital technology is rapidly evolving. With hacking and fraud becoming more prevalent, security measures need to mature to combat the attacks quickly.
People usually fall into two categories when it comes to passwords.
They either have one password that they use across all accounts and platforms, or they have a different password for every account.
There are security problems with both of these.
If a consumer only uses one password, they are putting themselves at risk of attacks. Furthermore, using several passwords can lead to a guess game of figuring which password is for what.
Ultimately, the use of passwords will decrease, allowing for more sophisticated identification technology to come in.
Founded in 2013, Evernym conceived Sovrin, a body set up exclusively to develop, build and promote self-sovereign identity. The Sovrin Protocol creates a unique, digital identifier that will verify proof of identity anywhere and at any time.
The platform uses blockchain in order to make it even more secure.
Strategic Engagement Director at Evernym, Jamie Smith, stated: “Everyone has multiple usernames and passwords. Some people use the same password for everything. Hackers love that. And it’s not just your email account they can take – once they’ve got your passwords, they can steal your whole identity.”
With Barclaycard self-sovereign identity in place, those hackable usernames and passwords will become a thing of the past.
