Evernym and R3 partner to apply self-sovereign identity to financial services
January 29, 2018
ATB Financial and OP Financial Group successfully tested the interoperability of Corda and the Sovrin Network.
Salt Lake City and New York City, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Self-sovereign identity technology leader Evernym and enterprise software firm R3 concluded a study to determine the interoperability of R3’s Corda platform with Sovrin, the only distributed ledger purpose-built for self-sovereign identity.
Originally developed by Evernym and later turned over to the international non-profit Sovrin Foundation. Evernym’s proprietary distributed identity solutions are built upon the Sovrin network.
As part of the joint initiative, four R3 member banks tested the ability of Evernym’s technology to add self-sovereign identity to the Corda platform. Such self-sovereign identity is only achievable on cryptographically protected, distributed ledgers.
“R3 has unquestionably led the way in the application of distributed ledger technology to financial services,” said Timothy Ruff, CEO of Evernym. “We’re excited about our relationship with R3 and, given the positive outcome of these tests, the chance to bring a privacy-enhancing, truly self-sovereign identity solution to their community.”
At its heart, Sovrin technology facilitates the exchange of ‘verifiable claims’, which in this context refers to those provable attestations which entities make about themselves: their age, address, certifications earned, and more. Evernym builds applications upon the Sovrin network which specialize in identity-based claims, such as those which establish a user’s authority to exert control over the funds in a particular financial account.
Corda is the only distributed ledger platform built from the ground up to meet the specific needs of the financial services industry, in that it records, manages, and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
“Identity is a key consideration in the application of distributed ledger technology to financial services, and Sovrin offers a true self-sovereign identity solution,” said R3 co-founder and Head of Partnerships Todd McDonald. “Between Corda and Sovrin, we have two of the best of breed ledgers in the market, and we look forward to working together on more use cases to enhance privacy and scalability for our banks on Corda.”
The demo code developed to prove basic interoperability between Corda and Sovrin during the study will be available for testing through the R3 Partner Team.
Founded in 2013, Evernym develops software solutions that leverage distributed ledger technology to provide every individual, organization and connected device with secure and irrevocable identity. Learn more about Evernym and its self-sovereign identity solutions at evernym.com.
R3 is an enterprise software firm working with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for businesses. R3’s global team of over 160 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
About ATB Financial
With assets of $49.6 billion, ATB Financial is Alberta’s largest home-grown financial institution. Established in 1938, ATB is a network of 174 branches, 142 agencies, a Customer Care Centre, two Entrepreneur Centres, along with mobile and online banking. ATB’s more than 5,000 team members help more than 730,000 customers in 247 Alberta communities. Learn more at atb.com.