Ping Identity launches decentralised identity management solution

As per the information detailed in the press release the multi-standards decentralised identity management solution, PingOne Neo, aims to improve data security, privacy, and control for individuals, while simultaneously reducing resource and compliance complexities for enterprises.

Solution context and what it means for identity management

As a multitude of digital services has a requirement for verified information about people in order to do business, Neo aims to simplify the process of getting verified information from a trusted source through means of verifiable credentials, no matter if the source is inside or outside of the organisation.

Organisations are now enabled to verify without complex, expensive back-end integrations that increase each organisation’s attack surface. Neo is looking to reduce the possibility of identity theft for individuals and improve security for organisations by having trust established with individuals in an instant manner, based on their digital credentials.

Commenting on this, Andre Durand, CEO, and founder of Ping Identity stated that organisations spend significant time and money to obtain and verify information from customers and employees alike, following which they attempt to determine access, entitlements, and authorisations to remain secure and compliant. As per their statement, Neo helps eliminate the manual resource burden from businesses while simultaneously empowering individuals with their own data, decreasing threats of fraud or identity theft while increasing privacy.

Based on the information detailed in the press release, decentralised identity decreases the possibility of transaction fraud and account takeovers (ATOs) by helping ensure that the person behind the credential is whom they claim to be. When leveraging Neo, a person requests a verifiable credential from an organisation that is both cryptographically signed and verifiable. Afterwards, the verifiable credential is then added to the digital wallet of the person and can be shared with the business that requires it, with the individual being in complete control of the information that gets to be shared.

What is more, PingOne Neo is a component of an open and interoperable platform that looks to support popular decentralised and other identity standards from the World Wide Web Consortium (W3C), the OpenID Foundation, and the International Organization for Standardization (ISO). Additionally, Ping Identity is also one of the key contributors to the Open Wallet Foundation (OWF) initiative, which aims to support interoperability between digital wallets through means of open-source software.

For more information about Ping Identity, please check out their detailed profile in our dedicated, industry-specific Company Database.

You can also check the company’s contribution to the Fraud Prevention in Ecommerce Report 2022-2023, where it provided updates on technology to fight fraud.