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IBM and Hyperledger project have joined Decentralized Identity Foundation (DIF) consortium.
IBM and Hyperledger Project became the part of the Decentralized Identity Foundation (DIF).
DIF is a consortium whose members are giant companies like Microsoft and Accenture, such blockchain startups as Blockstack, Civic, Gem, IDEO, Netki and Tierion.
Key players of the DIF’s team have different experience and background, they are originated from different parts of the world, some of them are competitors. But they all united for a single goal which is promotion of the belief that identity is composed of a deeply personal collection of data that defines people.
The activity of DIF is based on the prerogative of data protection. The person’s data cannot be distributed without his consent, he himself establishes access to them, he himself sets the amount of time during which his personal information can be accessed. A person controls personal data and it cannot be shared in any way.
Regarding this issue, Jerry Cuomo, IBM Vice President, said: “Today, we are not in control of our identity. Our personal information lives in centralized repositories outside of our control. Information is often shared without our awareness. On a daily basis, we see stories of security breaches and identity theft that erode our confidence and trust. At IBM we are focused on leading a global shift to decentralized identity that is built on blockchain technology. Blockchain provides distributed ledger technology as the foundation for decentralized identity.”
He added: “That is why today we are excited to announce IBM has joined the Decentralized Identity Foundation (DIF) as a complement to our current stewardship in the Hyperledger Project.”
Earlier it was reported that IBM is developing blockchain-based trade finance platform called Batavia. It is planned that this technology will be used by several of the largest banks in Europe. The process of conducting international trade transactions for small and medium-sized companies will become easier with it.