Nuggets, a multi-award-winning self-sovereign identity (SSI) and payment platform used by LexisNexis Risk Solutions, MyIdentity, LatPay and many others, has today announced a pilot of its Verified Self-Sovereign Digital ID Solution with a network of 150 global financial institutions that make up the newly established Global Assured Identity Network (GAIN).
GAIN’s mission is to create a verifiable, interoperable, and reusable global identity standard that satisfies global regulatory compliance for financial services while ensuring user-centric privacy. GAIN is an international group, made up of global financial institutions, developing a cross-border approach to verified digital identity that it plans to launch in late 2022.
“The lack of verified Digital Identity presents an urgent problem and a meaningful opportunity for society. Rising data breaches, privacy concerns, and financial crime – trust online is broken,” states a paper from the Global Assured Identity Network.
Nuggets’ addresses this with a Verified Self-Sovereign Digital ID which enables each and every transaction to be verified and shared securely, prioritizing user-centric privacy. Its ID solution requires both the originator and recipient of each transaction to be verified before the transfer of funds or digital assets can be completed.
Nuggets achieves this via a combination of open standards including; W3C verifiable credentials, decentralized identifiers (DIDs), zero-knowledge proofs, and the encrypted communication standards of DIDComm.
When a user makes a transaction on one of GAIN’s member platforms, their identity is established through the creation of a unique Peer Decentralised Identifier, or PeerDID.
Crucially, the verifiable credentials support selective disclosure, information provided can also remain anonymous through the use of zero-knowledge proofs, enabling users to provide proof they are who they say they are without divulging any PII.
This ensures that transactions cannot occur if this verification process does not happen. Additionally, with DIDs emerging as a standard for digital identities, Nuggets’ solution becomes interoperable with other solutions and can be used to address other challenges facing web3, especially combatting ID fraud risks in the fledgling metaverse.
Alastair Johnson, Founder and CEO of Nuggets, said: “For too long now business has relied on usernames, passwords and devices as the gateway of confidence to ensure authentication, leading to fraud and misuse. While legacy verification methods have been bolstered with KYC onboarding 2FA, SMS, authenticators, securely engaging in the digital economy requires a user-owned and controlled ID solution that cryptographically proves everything from access to services to trusted transactions. It needs to be reusable, verifiable, portable, private and secure. It’s an important recognition that GAIN has ensured that self-sovereign identity will be a part of this moving forward.”
Nuggets empowers users to secure their verified digital identities and finances in the real world and web3 through verified self-sovereign identity and payment solutions. Using Nuggets, individuals and businesses can create reusable, verifiable digital identities and store personal information and value via an encrypted and non-custodial vault.
“GAIN and Nuggets share a duty to protect users from financial crime and uphold the law. By leveraging our user-centric and high-trust identity paradigm, financial institutions can satisfy adherence to global regulation while upholding the sanctity of user privacy,” Johnson added.
“The financial industry faces a choice: Will customers ultimately log in to their bank with a social media ID or will they use their bank to gain access across the internet? … The time for cross-border, cross-sector collaboration is here,” states a paper from the Global Assured Identity Network.
About Nuggets
Nuggets is a multi-award-winning self-sovereign verified digital identity and payment platform that serves as the reusable, interoperable ID for Web 2.0, web3, and the Metaverse. Alongside offering proof of who you are and what you can access, Nuggets also serves as a non-custodial cache for your digital assets. Available globally today and trusted by major organizations.
For more information, please visit: https://nuggets.life/
About Global Assured Identity Network (GAIN)
GAIN is an overlay network over the internet that consists of accountable participants only. All the participants are identity proofed to fulfil the regulation when opening accounts at their hosting organisations primarily consisting of the banks and other regulated entities. These high assurance attributes are used as the basis of identity information that are passed from the identity information provider to the relying party per the instructions of the End-User.
For more information, please visit: https://gainforum.org/