Today it was announced that Blockchains Management has acquired Cambridge Blockchain, which provides identity solutions. Massachusetts based Cambridge says its offerings aim to put the “control of personal identity data back in the hands of the end-user.”
It uses blockchain to create hashes or fingerprints of data, which means if the data is shared, someone can verify that the fingerprint matches. Ultimately the solution is about enabling users to re-use information that has already been validated for Know Your Customer (KYC) compliance. For example, if someone provided a passport that was verified, it’s possible to confirm it’s the same passport data.
The personal data is stored in cloud servers controlled by Cambridge Blockchain and it does not claim to be a self-sovereign identity solution.
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