We’ve integrated our technology with LedgerState’s blockchain technology to create a new digital identity solution. It was showcased at the Concordia Summit during the UN Assembly in New York, an event which aims to advance critical global discussions and transform conversations into action, shared value approaches and social impact objectives. It was a continuation of the partnership between us and LedgerState, showcased at the World Economic Forum last year.
What was showcased?
LedgerState showcased Yoti’s identity and document verification solution, Doc Scan ‘Powered by Yoti’, combined with LedgerState’s blockchain framework. The two technologies have great potential for enabling governments to safeguard citizen data using less resource and without data centres.
How does it work?
Yoti digital identities can be written to a private ledger using evolution of blockchain technology called Hashgraph. Hashgraph uses an asynchronous process, meaning it is not reliant on the proof of work systems required by a synchronous solution like public blockchain solutions. This speeds up the process and makes it more suitable for identity and payment platforms and holds significant potential for the Global South.
The proof of concept showed how individuals can verify themselves to a government database and then have additional attributes attached to their identity by an approved official. This could be sensitive information like a tax code or a health insurance number. Those details are then written to a secure, private distributed ledger that can only be accessed by approved officials. This gives governments (and indeed other organisations) the ability to take advantage of the benefits of blockchain technology and its immutable records without having to compromise speed, cost effectiveness and efficiency.
The result
Our partnership with LedgerState has the potential to bring about better protection of personal data, improved privacy and more resilient systems for citizens and governments. The decentralised nature of blockchain infrastructure removes risk of data being stored in one place, meaning there’s no central point for hackers to access information.
The power of Yoti APIs
Our APIs bring new, secure ways for organisations to connect with individuals. Our own social purpose team strives to keep people safe online and assist humanitarian organisations with identity needs in the developing world. This move from LedgerState has the potential to help a broad range of governments including those in the developing world.
Founder of LedgerState Nino Vang Vojvodic said, “Now there are finally tools and systems available for governments to grant a higher level of Sovereignty to their citizens. Early implementers will gain significant advantage when it comes to attracting the best talent and people to their citizenship or residency.”