According to a press release, international audit and consulting firm, Deloitte has teamed up with Attest, an identity management company to develop a blockchain identity management system tailored for governments and their needs for advanced digital identity management. This platform will allow governments to offer its citizens secure and convenient identity services while giving people control over their personal data.
In today’s world, reliance on digital-based services is on the rise as many individuals continue to depend on the internet for business, communication, and marketing. Digital identity is now becoming an essential prerequisite for accessing various services. Despite this, there has not been a complete transition to digitization; organizations still rely on paper-based identity documents and other conventional approaches in this digital age. Use of these traditional methods for identity verification can be burdensome, inefficient, and quite costly.
Attest Blockchain Identity Management Solution
Deloitte’s partnership with Attest will attempt to address these problems by leveraging the tech company existing products to create a digital identity management system for government-compliant identifiers to be used by Deloitte’s clients. The first of these products to incorporate the identity system will be the Attest Wallet. The Attest Wallet is a blockchain based (cryptographically secured) identity storage system that functions similarly to a crypto wallet. The major difference here is that instead of storing cryptocurrency, the Attest Wallet acts as a platform for securely storing identity data. It will enable its users to manage digital versions of business, government or other forms of physical IDs in one place, and will give the user access and control over this information.
The second Attest product using the blockchain identity management system is Attest Enterprise. This solution utilizes dual Application Programming Interfaces (API) to facilitate identity verification processes and authorize third-party management of data. Commenting on this operation, Wendy Henry, managing director, Deloitte Consulting LLP had this to say:
“While many companies are looking at using a personal wallet in which the individual has control of their digital identity credential, government must serve the whole of citizens, including those who may not be able to accept the control of their identity credential in a digital form.”
Attest blockchain identity management solution will be very useful for governments and its citizens and will provide necessary process enhancements when it comes to identity authentication. Co-founder, and Chief Executive Officer of Attest, Cab Morris, agrees with this and stated that “a government-issued digital identity has the potential to reduce costs and risk for businesses in all industries, while also providing citizens with greater security, privacy, and control over personal data.”
Other Deloitte Blockchain Experiments
As one of the biggest financial auditing firms in the world, Deloitte has been exploring ways to improve its various services including its corporate, legal and consultation services as well as taxation and assurance management. The company has turned its focus to blockchain technology to enhance its service offering while seeking new solutions to old problems. The company teamed up with 20 other banks to pilot a blockchain solution for financial auditing. This system is projected to help these financial institutions speed up the confirmation process for collecting and verifying audit evidence.
Additionally, in an effort to help accelerate the adoption of blockchain technology, Deloitte EMEA Blockchain Lab was recently established. The center of excellence focuses on equipping clients with the right tools for integrating blockchain solutions into their overall operations. Deloitte EMEA Blockchain Lab services cover design, development, as well as the deployment of blockchain technology.
The Growing Market for Digital Identity Solutions
The demand for digital identity management solutions is increasing, and blockchain is leading the way in this niche. Utilizing blockchain for identity management will help simplify Know Your Customer (KYC) processes, prevent identity theft, and could even benefit other transaction-based sectors such real estate. Attest has rightly identified a promising opportunity in the market for government-based digital identity solutions as these products can greatly benefit from a blockchain enhanced identity management system that will promote election credibility and provide easy access to government services, saving time and costs to public institutions.