Digital Bazaar works on blockchain solution leveraging global standards for identity proofing

The company aims to enabling the issuance of interoperable, reusable digital credentials to bring stronger authentication to organizational identity. Decentralized Identifiers and Verifiable Credentials make such reusable credentials possible, using cryptography to ensure that credentials are protected by strong anti-fraud countermeasures. The blockchain-based solution enables organizations to issue re-usable digital credentials. These digital credentials create an ecosystem that frees businesses, governments, and other online entities from repetitive, expensive, and time-consuming processes related to deeply vetting every single user with which they interact.

The system that is currently undergoing testing is based on upcoming W3C international standards, like those for Decentralized Identifiers and Verifiable Credentials that enable private industry and governments to both issue and consume digital credentials used for identity proofing purposes. Decentralized Identifiers are a new type of globally unique identifier that enables a broader decentralized digital identity ecosystem. The collaboration uses Verifiable Credentials, which are used by multiple participants in the ecosystem, such as the issuer, the holder, the verifier and the identifier registry.

Ultimately, Digital Bazaar, with the support of GS1 US, SecureKey, and TradeLens, plans to roll out a variety of digital products that address identity security gaps, in line with their recent proof-of-concept collaboration. These products will make use of both Decentralized Identifiers and Verifiable Credentials to strongly authenticate and identify organizations engaging in high-risk business transactions.