A key barrier to the wider deployment of blockchain-based products is a lack of standardized methods for businesses and individuals to automatically validate the identity of the transacting parties. Blockchains do not inherently contain the ability to comply with existing Know Your Customer and Anti-Money Laundering requirements. Applicable transactions must enable all parties to verify the identity of everyone in the transaction. As a result, digital identity will play a huge role in the future of blockchains used by financial institutions especially around the need to validate and authenticate identity information.
As part the IBM blockchain ecosystem and the recent announcement “IBM Debuts Blockchain Ecosystem To Help Accelerate Growth of Networks on Hyperledger Fabric,” Netki is supporting this ecosystem with the development of open source/open standards-based digital identity solutions for worldwide regulatory compliance and legal non repudiation. Netki’s solution allows users to carry their digital identity seamlessly across multiple blockchains and to share their identity with whomever they choose, which improves user privacy as compared to common practices today. This endeavor will explore new development possibilities for Hyperledger in a modular approach like the Internet’s early network development.
The open source concept and collaboration of Linux Hyperledger provides an environment where everyone can participate. Tools, information, ideas and relationships critical to furthering innovation in blockchain standards, are shared and supported by the community. Accessibility and interoperability are critical to the deployment of blockchain-based networks that deliver real value for companies and end users.
“Hyperledger is based on the expectation that there will be many blockchain networks, with each network ledger serving a different goal. While there may be a popular single instance of a general use network, there is no requirement for any one network ledger to rely upon any other network for its core functionality.”
In a video “Why IBM Blockchain?” Jeff Handler, Business Development Manager at Netki is interviewed about what blockchain brings to business and how Hyperledger is creating a new future with digital identity for business.
Hyperledger supports the blockchain distributed ledgers developed for global business transactions, including financial, to improve performance and reliability using open protocols and standards. As in the development of the Internet, standards, like X. 509 certificates and SSL, were developed to authentication of entities on the Internet while protecting user privacy.
In 2010, Linux was declared mainstream for enterprise adoption, almost 20 years after the first Linux kernel was developed and close to 30 years when Linux was first created. As an open source operation system, Linux transformed the open source community and the way enterprises think about technology. Hyperledger with the support of IBM is poised to take blockchain mainstream.