Creditreform expands blockchain-based digital identity proof

Tuesday 25 May 2021 11:18 CET | News

The Germany-based credit and risk management solutions company Creditreform group has launched the ‘Digital Trust’ transformation project to work on digital identities. 

For the ‘Digital Trust’ project, Creditreform worked with the management consultancy company MaibornWolff on a marketable product. This was done with the help of digital evidence via a blockchain for onboarding processes of external employees. A first pilot went live in July 2020, followed by several iterations with Minimum Viable Products (MVPs) resulting in the launch of the ‘Identity-as-a-Service’ product ‘CrefoTrust’ in early 2021.

Current standards of Distributed Ledger Technology (DLT) and the World Wide Web Consortium (W3C) are used. The new service also supports the General Data Protection Regulation (GDPR) to implement principles of data sovereignty. According to a Creditreform representative, the company wants to expand on data processing for business-critical decisions, data sovereignty of users and process digitisation in the future.

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Keywords: expansion, digital identity, digital onboarding, risk management
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Germany
This article is part of category

Securing Transactions