Global Blockchain Group:
IBM (International Business Machines) Corporation has joined a private organization called Sovrin Foundation. It is also a non-profit organization that is seeking to develop a worldwide decentralized identification system based on blockchain technology. The blue-chip United States computing company will join the non-profit as a “founding steward,” commit hardware, protection, and network capability. To assist build a digital identity network for individuals and businesses, Sovrin foundation chair Phil Windley told Reuters in a conference on Thursday.
However, other international IT companies are already taking part. Led by Deutsche Telekom’s analysis and innovation unit Telekom Innovation laboratories, Sovrin said. Then Windley said, “The way we live and work online is really separate from the physical world.” “By building a global digital identification method, Sovrin is trying to make the online experience as pure and as interactive as the physical world.”
Sovrin’s identification network uses distributed blockchain or ledger technology. To allow the secure exchange of cryptographically-signed credentials to prove an owner’s digital identity data. Marie Wieck is an IBM Blockchain general manager. He said in a statement “We believe that the selection of blockchain is a chance for a fresh trust model to take hold where individuals and organizations can safely share private data and credentials without an intermediary”
IBM, which did not provide a value estimate for its contribution. It has been active in participating in blockchain introductions. And it is keen to remain at the forefront of improvements in the fast-moving place. Windley said, The Sovrin network is now running with restricted capacity, but will be more widely available by mid-2018. Sovrin said current identity methods were flawed, with more than 2.9 billion records compromised from different protection incidents across industries in 2017.
Then He said, “These damaging and expensive protection breaches are a result of the internet being developed without a true identity layer.” “To solve this infrastructure defect, the Sovrin network was purpose-built to add the absent identity layer to the internet.” However, The Sovrin network is based on outgoing standards from the World Wide Web Consortium that prove the format of digitally signed credentials.