Yesterday, Onfido, Deloitte, and Evernym announced the successful completion of a blockchain digital identity pilot in the UK Financial Conduct Authority’s (FCA) regulatory sandbox. The trial was run to study the use of self-sovereign identity in customer onboarding and to reduce compliance costs for financial institutions.
Onfido provides identity verification services, while Deloitte joined to provide its Know Your Customer (KYC) expertise. Evernym is the company that founded Sovrin, the self-sovereign identity network. The trio was accepted into the FCA regulatory sandbox last year.
The World Economic Forum (WEF) estimates that an average consumer manages over 191 pairs of usernames and passwords. This makes it difficult to control access to different services and burdens organizations with verifying credentials for every new customer.
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