“Big Four” accounting firm Deloitte has partnered with identity management company Attest Inc. to develop a blockchain-based digital identity system, according to a press release published Nov. 5.
Chicago-based Attest is an identity management company that offers a shared identity platform enabling its clients to conduct transactions, wherein its governmental customers can provide identity services to citizens.
The collaboration will purportedly develop a digital identity offering for government-compliant identifiers that can be used by Deloitte’s clients based on Attest’s existing products. The first product, Attest Wallet, is a cryptographically secured identity storage like a cryptocurrency wallet. The Attest wallet will reportedly enable users to store digital versions of government and business IDs in one place and control access to stored information.
The second solution is called Attest Enterprise and comprises two application programming interfaces (APIs), which allow users to verify their identity, authorize third parties and provide consent to others to manage their data on their behalf. Wendy Henry, managing director, Deloitte Consulting LLP, commented on the cooperation:
“While many companies are looking at using a personal wallet in which the individual has control of their digital identity credential, government must serve the whole of citizens, including those who may not be able to accept the control of their identity credential in a digital form.”
Cab Morris, co-founder, and chief executive officer of Attest, suggested that “a government-issued digital identity has the potential to reduce costs and risk for businesses in all industries, while also providing citizens with greater security, privacy and control over personal data.”
In September, Deloitte announced it will assist the Institutes RiskBlock Alliance blockchain consortium to expand into Canada. The alliance will register a legal entity in Canada and start collaborating with Canadian-based property-casualty and life/annuity insurers. Deloitte will be responsible for the methodology, prioritization and development of a variety of blockchain applications, addressing the insurance transaction life cycle.
Last month, Deloitte outlined five basic areas of development for blockchain technology in order achieve widespread adoption, including the possibility of time-consuming operations, lack of standardization, high costs and complexity blockchain applications, regulatory uncertainty, as well as the absence of collaboration between blockchain-related firms.