Digital Bazaar announced a collaboration with GS1 US, SecureKey, TradeLens, and 20 other organizations to implement a blockchain solution that leverages global standards for organizational identity proofing and vetting.

“We are focusing on customer-driven bottom-line benefits that these technologies can bring to industry, which is a welcome change from many of the blue-sky approaches technology companies have taken to date. We are excited to work with real customers on real problems.

GS1 US, TradeLens, SecureKey, and large governments are focusing on real world solutions using emerging organizational identity and blockchain standards to improve efficiencies in the supply chain and financial industries,” said Manu Sporny, CEO of Digital Bazaar.

A Common Sense Solution: Reusable Organization Credentials

Enabling the issuance of interoperable, reusable digital credentials brings greater efficiency and stronger authentication to organizational identity. Decentralized Identifiers and Verifiable Credentials make such reusable credentials possible, utilizing advanced cryptography to ensure that credentials are protected by strong anti-fraud countermeasures.

The blockchain-based solution enables organizations to issue re-usable digital credentials. These digital credentials create an ecosystem that frees businesses, governments, and other online entities from repetitive, expensive, and time-consuming processes related to deeply vetting every single user with which they interact.

The system that is currently undergoing testing is based on upcoming W3C international standards, like those for Decentralized Identifiers and Verifiable Credentials, that enable private industry and governments to both issue and consume digital credentials used for identity proofing purposes.

Decentralized Identifiers are a new type of globally unique identifier that enables a broader decentralized digital identity ecosystem. The collaboration uses Verifiable Credentials, which are utilized by multiple participants in the ecosystem:

1. The Issuer: An organization that issues verifiable credentials about specific subjects (organizations, people, and devices).
2. The Holder: An individual or organization that stores (often in a digital wallet) credentials, which are often their own, but may include employer or business partner credentials that they are authorized to use.
3. The Verifier: One that requests and verifies credential presentations about a subject for a particular business process.
4. The Identifier Registry: A mechanism, such as a Decentralized Identifier blockchain, that is used to register and verify identifiers for various subjects.

Ultimately, Digital Bazaar, with the support of GS1 US, SecureKey, and TradeLens, plans to roll out a variety of digital products that address identity security gaps, in line with their recent proof-of-concept collaboration. These products will make use of both Decentralized Identifiers and Verifiable Credentials to strongly authenticate and identify organizations engaging in high-risk business transactions.

Digital Bazaar builds technology and global standards that increase data confidence, security, and privacy for consumers, businesses, and governments.