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Ten Spanish Companies Join Forces to Promote Digital Identity Using Blockchain Technology

– Fintech News

  • News
  • Posted by Good ID team (Good ID)
  • 13 November 2020

A collaboration of Spanish tech companies are developing a self-sovereign identity (SSI) solution enabled through blockchain

The technology will allow people to securely store their personal information on their smartphone, and have complete control over who can access it.

"For example, they may use their data validated by other organizations to hire a car, take out insurance, arrange a loan, take up an electricity service, or any service they wish, in just a few clicks."

The identity solution being built on blockchain ensures that it is tamperproof and resistant to fraud. It also enhances privacy, as no personal information is stored on the blockchain or in a centralized database.

This means a single solution may be used to take up any kind of service on internet securely, a process which previously required specific complex mechanisms by each company or a physical presence

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