According to a Globe Newswire community, the IBM company established a strategic alliance with the Sovrin Foundation (SF) with which a digital identity management system is proposed using blockchain technology.
The announcement revealed that Sovrin Foundation (SF), an international nonprofit organization in the private sector, seeks to establish alliances with IBM, so that it serves as the main administrator of a project that aims to create, manage and maintain the decentralized digital identity network of the Foundation.
For this the foundation plans to use the blockchain system, along with the computing power and other security instruments offered by IBM, which will be stored within the company's Cloud platform.
According to the IBM blockchain manager, Marie Wieck:
"Through the partnership with Sovrin, IBM will be able to help individuals and organizations accelerate the integration of digital identity standards, as this represents a critical element for the administrative system."
The stated objective is summarized in the need to promote digital identity, in order to reduce costs for companies and banks that try to support internal and external credit data.
As expressed by Dr. Phil Windley, the president of the organization:
"Sovrin proposes changing the nature of identity interactions among millions of users, organizations and devices. In this sense, we have the position of IBM as a leader in blockchain technology and its commitment to solving the present identity problem, making it an ideal partner with which we can establish strategic ties that will allow us to fulfill our mission "
Distributed ledger or blockchain accounting technology within the financial sphere symbolizes a favorite element in solving the problem of digital identity. In this sense, this technology will allow establishing a guaranteed model with which individuals and companies can share private and credit information safely and without the need to resort to intermediaries.
In light of the facebook data breach, it will be interesting to see where blockchain technology can be implemented to preserve identity integrity online. The problem with decentralization is how individuals would handle the increased responsibility that comes with managing the safety of their own information since no central entity is directly responsible for that security.