Blockchain
EU Blockchain Sandbox Selects IOTA’s Innovative Web3 ID
On June 13, the European Commission announced the participants selected for the second cohort of the European Blockchain Sandbox initiative (EBSI), with Iota being a prominent entry.
Iota, a key player in the open-source distributed ledger and cryptocurrency space, has been chosen for its innovative Web3 Identification solution. This project, developed in collaboration with Walt.id, IDnow, Bloom Wallet, and HAVN, aims to revolutionize identity management technology.
Addressing Challenges of Traditional KYC Processes
The inclusion of Iota’s Web3 ID solution in EBSI marks a significant advancement in addressing the inefficiencies, high costs, and privacy issues associated with traditional Know Your Customer (KYC) processes. Iota’s approach introduces a reusable KYC system that utilizes distributed ledger technology (DLT) and tokenization, enhancing security and giving users greater control over their personal data.
In this system, the KYC process begins with remote identification by IDnow, ensuring compliance with EU Anti-Money Laundering (AML) and KYC regulations.
IOTA’s Announcement on X
Once verified, the identity is tokenized and stored in the user’s wallet as a soulbound token, which can be used across various Web3 applications to verify identity without revealing personal details.
The European Commission launched the EBSI in 2023 to provide a controlled testing environment for DLT solutions across various industries. Each cohort can include up to 20 projects, offering them practical testing, validation, and direct interaction with EU regulators.
Alongside Iota, the selected projects include diverse applications such as RealEstate.Exchange (REX) by DigiShares, focusing on blockchain solutions for real estate; DoxyChain, which targets documents and business processes; Hacken, involved in smart contract and blockchain security analysis; and Origintrail, integrating artificial intelligence into knowledge infrastructure.
A Timely Initiative Aligning with the EU’s Digital Identity Push
This initiative by the European Commission aligns with the EU’s active pursuit of a comprehensive digital ID scheme. A significant update to the European Digital Identity (EUDI) regulation on May 21 set forth implementation requirements to be completed by 2026.
This regulation mandates that member states provide at least one EU digital identity wallet to all citizens and residents for electronically signing and storing documents like university diplomas and train tickets, showcasing a forward-thinking approach to enhancing how European citizens live and work.
Additionally, the use of zero-knowledge proofs is being considered for the creation and implementation of these digital ID wallets, representing an innovative stride toward privacy and security.
Globally, the digital identity sector is witnessing widespread innovation. For instance, The Open Network blockchain ecosystem has recently allocated $5 million in Toncoin (TON) tokens to encourage users to verify their identity using advanced palm scanning technology.
This trend highlights a significant step forward in regulatory discussions and implementations surrounding KYC and privacy within a Web3 framework, as exemplified by Iota’s participation in the EBSI.
Source: coinfomania.com
The post EU Blockchain Sandbox Selects IOTA’s Innovative Web3 ID appeared first on HIPTHER Alerts.
Blockchain
India Electronic Contract Services Market to Worth Over US$ 624.33 Million By 2033 | eSignature Demand Among Financial Institutes to Remain High Says Astute Analytica
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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