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Blockchain identity management simplifies personal security

Identity management is a pain point for many companies and individuals, but blockchain could help solve some of the challenges.

When banking, traveling, providing proof of age or accessing corporate data, individuals must prove their identity. But it can be difficult for users to keep track of all the different pieces of identification they must present to do so. ShoCard, a software provider in Cupertino, Calif., aims to eliminate the need for multiple forms of identification, usernames and passwords, and give users more control through the use of its blockchain identity management tool.

“Since it is your data, really, you have the right to hold it, to operate it as you wish,” said Alexander Novoselov, the head of innovation at Creditinfo Group, a ShoCard customer headquartered in Iceland.

How blockchain identity management works

ShoCard offers an identity management tool that uses a blockchain-based digital verification and authentication process. Blockchain is a type of database that is secured using cryptography and encryption key techniques. A user’s identity information is stored on the blockchain to a hashed version of what’s called the public key. Each user also has a private key, which allows them to safeguard their personal data and prove to those with whom they share the data that it belongs only to the person sharing it.

The idea with blockchain identity management is to store and encrypt data on users’ mobile devices, rather than in a central database. Since credentials are stored on the device, an attacker would have to hack phone by phone and wouldn’t be able to compromise many identities at once.

Although the mass appeal of blockchain identity management remains to be seen, there is potential in very strict compliance-oriented fields, said Eric Klein, director of mobile software at VDC Research in Natick, Mass.

“They are definitely unique in the market for doing something that hadn’t occurred to me as a means of enhancing your security,” Klein said.

Customers can use ShoCard software development kits to integrate the technology into their mobile applications and servers. The client app then prompts users to take pictures of their valid government IDs, and ShoCard extracts the personal information. The user then sets up a passcode or fingerprint verification as an added security measure. When a user decides to share the data with a third party, the information is placed in an encrypted container on the blockchain, which no one — including ShoCard — can access, except the party with whom the user is sharing it.

Blockchain pays off

Creditinfo adopted ShoCard for a few of its customers. It needed to allow customers to not only have control over their own credit data, but also be able to securely transfer data between different countries, Novoselov said.

For example, if a person from India goes to a U.S. bank and tries to get a credit card, it brings complications. Creditinfo cannot share data from India in the U.S. because of a difference in privacy laws between the two countries. Creditinfo needed a tool to allow people to bring their credit histories with them anywhere.

This is a new way of bringing confidence that the data is in safe hands.
Alexander Novoselovhead of innovation at Creditinfo

Customers can now download the Creditinfo app, which incorporates ShoCard technology via the vendor’s software development kit, and securely access and share their credit score data on their mobile devices.

“This is a new way of bringing confidence that the data is in safe hands,” Novoselov said.

Based on this same blockchain identity management technology, ShoCard also offers ShoBadge, an app that allows employees to hold their encrypted ID information on their mobile devices. Unlike with ShoCard, customers don’t have to write any code; instead, they just use the app directly.

ShoBadge allows employees to access all of their corporate apps by authenticating through the app, rather than requiring different logins to different applications or devices. It also allows them to securely share their identities at the workplace — with human resources, for example. There is no longer a central database at the company where all the users’ sensitive personal information is stored. Thus, employees bring their own identity, and there is no username and password management in the hands of a third party.

The identity management market remains fragmented, with some existing vendors who have the benefit of being in the game for a long time, Klein said. But this does not mean that all customers have decided on which technology to adopt, which is why a new company like ShoCard has been attracting some pretty serious venture funding, he said.

“There are people betting on other technologies maybe surpassing what we have today,” he added. “Integrating sophisticated blockchain capabilities as a path certainly has potential.”

Wanted – Ubiquiti Cloud key

Hi

Looking to fix poor wifi receiption, looking to get a Ubiquiti wireless access point, has to be AC and i would prefer the pro version as well

Thanks

Location: Ldn

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Wanted – Ubiquiti Cloud key

Hi

Looking to fix poor wifi receiption, looking to get a Ubiquiti wireless access point, has to be AC and i would prefer the pro version as well

Thanks

Location: Ldn

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

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Wanted – Ubiquiti AC AP

Hi

Looking to fix poor wifi receiption, looking to get a Ubiquiti wireless access point, has to be AC and i would prefer the pro version as well

Thanks

Location: Ldn

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

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DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

Wanted – Ubiquiti AC AP

Hi

Looking to fix poor wifi receiption, looking to get a Ubiquiti wireless access point, has to be AC and i would prefer the pro version as well

Thanks

Location: Ldn

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
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DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

The financial services industry banks on the Microsoft Cloud for digital transformation – The Official Microsoft Blog

Financial services organizations are at a transformational tipping point. Faced with fierce market pressures – nimble disruptors, complex regulations, digital native customers – technology transformation in the industry is essential, and it’s increasingly becoming a competitive edge. Firms leading the charge into this new era are transforming customer experiences, fostering a new culture of work, optimizing operations and driving product innovation, and they are using Microsoft cloud, AI and blockchain technologies in their journey to become digital leaders of the future. TD Bank, Sumitomo Mitsui and Credito Agricola are among the organizations that have embraced this digital transformation happening in every part of the world.

Next week at Sibos, the premier financial services industry event, Microsoft CEO Satya Nadella, myself and others from Microsoft will speak alongside other innovative business leaders driving transformation. Here are some of the scenarios and solutions Microsoft customers and partners are implementing along their journey:

Fostering a new culture of work

Fostering a digital culture is a paradigm shift, one which financial institutions must embark. Jumpstarting this culture shift means designing a workplace where every work style can thrive – one that harnesses digital intelligence to improve experiences, unleashes creativity and enables mobility while keeping organizations, people and information secure. With modern tools, employees from the first line to the back office can do their best work.

State Bank of India, a 200-year-old institution, is working with Microsoft to create a modern workplace for its 263,000 employees across 23,423 branches servicing more than 500 million customer accounts, including some in the most remote locations of the country. SBI has adopted Office 365 to enhance communication and collaboration among its workforce, and believes that Microsoft is delivering the best productivity experience for its employees while ensuring the highest standards of security, compliance and adherence to regulatory requirements.

Emirates NBD is creating more creative and collaborative workspaces for their employees, and has selected Office 365 as well as Surface Hub to deliver on their digital transformation efforts.

Transforming customer experiences

Customer expectations have changed and will continue to evolve at the speed of technology. The imperative for financial services firms is to engage customers in a way that is natural, tailored and delightful at every turn. The most innovative firms will create experiences that harness data from customers to derive actionable insights and deliver greater market success.

TD Bank is known for legendary customer service and aims to match their marquee in-person experience through digital wherever customers may be – at home, at work or on-the-go. With more than 12 million digitally active customers and expectations evolving at the speed of technology, TD has turned to Microsoft Azure and data platform services to help deliver on their promise of legendary service at every touchpoint.

Sumitomo Mitsui Banking Corporation is transforming their employee workstyles and enhancing their customer experience with the Microsoft Cloud. In addition to building a secure and highly productive office environment utilizing Azure and Office 365, SMBC has also introduced an interactive automatic response system for customer service, powered by the Microsoft Cognitive Toolkit and AI services.

Optimizing operations

Shifting line-of-business applications and other capabilities to the cloud is a foundational step along the digital transformation journey that enables banks to save big and reinvest dollars in more innovative, value-add banking services. It also enables firms to be more agile like their industry disruptor counterparts.

UBS is using Azure to power its risk management platform, technology that requires enormous computing power, to run millions of calculations daily on demand. The result — speeding calculation time by 100 percent, saving 40 percent in infrastructure costs, gaining nearly infinite scale within minutes — means the firm can have more working capital on hand and employees can make quicker, more informed decisions for their clients.

Société Générale is using Azure’s high-performance computing capabilities to power the credit value adjustment (CVA) intraday calculation, a critical front-office function, enabling cost-effective, almost limitless on-demand computing power.

Driving product innovation

Driving product and business model innovation allows organizations to harness data as a strategic asset, shifting from hindsight to foresight, automating manual processes, delivering personalization to customers, and innovating with new business models, services, products and experiences to differentiate and capture emerging opportunities.

Crédito Agricola considers open banking as a future standard for the financial services industry. The bank’s digital strategy on open banking seeks to leverage the cloud to provide seamless and frictionless interactions that delight their customers, while complying with regulation. Credito Agricola is using Microsoft Azure to deliver open banking capabilities like API management gateway, security and identity, as well as analytics and insights, with plans to extend their core banking services to third-party service providers.

Microsoft is collaborating with The Monetary Authority of Singapore and The Association of Banks in Singapore to support Project Ubin 2, using Azure to explore the use of blockchain for the clearing and settlement of payments and securities, a key milestone in Singapore’s ambition of becoming a Smart Financial Center.

For the financial services industry, a firm’s deliberate and strategic move to the cloud hinges on security, privacy and regulatory compliance. Microsoft is committed to earning the trust of our financial services customers. We engage with regulators in key markets to share information about our services, the related controls and our approach to enabling customer compliance. We also take input from leading banks and insurers across the globe on an ongoing basis to improve our offerings to help meet regulatory requirements. We do all of this to continue building our customers’ trust in cloud technology.

It’s incredible and humbling to be on this transformational journey with so many ambitious digital leaders. Come visit us at booth No. C46 if you’re in Toronto or follow our stories at our press site. You can also join my session at the Innotribe, “Creating Space for Innovation,” on Tuesday, Oct. 17, and see Microsoft CEO Satya Nadella provide the Sibos closing plenary on Thursday, Oct. 19. Satya’s plenary will also be livestreamed here.

TTW

Tags: financial services, Sibos

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.