Energy Web, a non-profit that develops open-source tech for clean energy transition, has teamed up with EU energy firm Elia Group to develop a digital identity app to facilitate energy and data exchange between the electrical grid and so-called “flexible assets” such as electric vehicles and heat pumps, reports Biometric Update.
The app is based on self-sovereign identity (SSI) systems and can securely transfer digital ID data between different parties. It is designed to be easily integrated into digital wallets, leading to its adoption as an official project of the OpenWallet Foundation as an instance of open, secure, and interoperable digital wallet technology.
“To ensure network security and stability, the integration of renewable energy sources into our energy systems will require household and industrial flexibility to be activated,” said Elia Group’s Kris Lehrmans. “SSI will be an important tool for creating a registry of decentralized and flexible assets that will allow us to monitor the state of the network and steer these decentralised assets.”
For example, once your Tesla or heat pump is connected to your wallet containing verifiable credentials, Elia Group’s software will facilitate allocation of the energy they produce for efficiency, storing some and feeding some back into the grid as a decentralised balancing measure that supports transition to renewable energy sources. The system will require fast, secure transfer of data between multiple parties, to account for information on tariffs, technical and contractual specifications, and personal identity information.
Authlete, a software component provider for API security and digital identity, and SBI Digital Asset Holdings Co., the digital asset arm of the financial services conglomerate SBI Group, have signed a Memorandum of Understanding (MOU) to deepen their existing partnership and together explore opportunities in digital identities and decentralised identifiers (DIDs).
The extended partnership builds on Authlete’s existing business relationship with SBI DigiTrust, a subsidiary of SBI DAH. SBI DigiTrust has integrated Authlete’s FAPI compliant software component into its Trust Idiom, an Identity as a Service (IDaaS) solution for financial institutions. SBI DAH is also a shareholder of Authlete.
Under the new agreement, Authlete and SBI DAH will collaborate on product development and the commercialisation of solutions for digital identities and DIDs.
A new report from Juniper Research shows that by 2028, the application of AI in identity verification will dramatically reduce the average digital onboarding check time from more than 11 minutes in 2023 to less than eight minutes.
The 30 percent decrease in time is attributed to AI’s enhanced accuracy, which lessens the need for human intervention and repetitive ID photo submissions. Moreover, AI’s role in thwarting emerging threats like synthetic identity fraud is pivotal.
The research forecasts a surge in digital verification adoption within the banking sector, particularly in mobile banking, which will fuel digital onboarding revenue growth. Despite the increase in efficiency reducing per-check costs, the expanding volume of verifications, especially in developing regions, is expected to counterbalance this reduction. Consequently, Juniper Research projects a 34 percent rise in total bank expenditure, from $7.4 billion in 2023 to $9.9 billion by 2028.
Elsewhere, the global digital identity market is poised for unprecedented growth, with the number of digital identity applications in use set to exceed 4.1 billion by 2027 – an 82 percent increase from 2023. This surge is attributed to the adoption of government-backed digital identities, which are increasingly becoming a staple for verification across various platforms, including financial services, according to a new report by ResearchAndMarkets.com.
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Orell Füssli, a Swiss digital documents printer and provider, has announced the launch of Procivis One, a decentralised digital ID software service for government-issued digital IDs, through its subsidiary, Procivis. Orell Füssli will now be able to offer digital IDs for customers in Switzerland and around the world.
Procivis One can be used to produce verifiable credentials like mDLs, diplomas, and licences. Its architecture is flexible enough to expand and meet current and future national and international requirements. It meets the requirements for the new Swiss E-ID, which is based on principles of Self-Sovereign Identity. Procivis One will provide the technology for the scheme, while the Swiss government will be the digital ID issuer and operator of the trust infrastructure.
In collaboration with the Estonian Information System Authority (RIA), Cybernetica will analyse the architecture of Estonia’s digital ID wallet, which will soon be released as the first procurement of a four-year framework agreement totalling €6,000,000. It will also examine the wallet’s compatibility with the country’s digital ID ecosystem. Cybernetica will support RIA with applied research and consulting on information security.
Cybernetica is currently working on the SplitKey cryptographic service provider (CSP) for the upcoming eID wallet app as part of the research program. The initiative is supported by Enterprise Estonia and KredEx at the cost of almost €300,000, reports Biometric Update.
SplitKey CSP is designed to make it impossible to copy documents stored in a digital wallet by linking documents to cryptographic keys, creating security without depending on hardware.
Luxembourg’s Ministry for Digitalisation and the Government IT Centre will test the effectiveness of digital ID wallets in four use cases as part of the 26 month-long EUDIW pilot project proposed by the Pilots for European Digital Identity Wallet (POTENTIAL) Consortium.
The eGov services use case will examine digital wallets being used to access government services digitally. A bank account use case will refer to the use of digital IDs for opening accounts throughout Europe.
The mobile driver’s licence use case will look at mDL recognition by police forces and car rentals throughout the continent. Lastly, the qualified eSignature use case will enable citizens to remotely sign documents that hold legal weight and are recognised by member states.
Australians still lack an understanding of the concept behind the country’s upcoming digital ID system, research commissioned by the government has shown.
The research, which was conducted by financial comparison site Canstar, also showed that Australians are in favour of having more control over personal data and how it is shared, trade publication InnovationAus reports.
Prove Identity, a digital identity provider, has announced that Elo, a payment technology company, will be leveraging Prove’s identity verification solutions to improve its customer experiences while also combating SIM swap fraud and the proliferation of “orange accounts” in Brazil.