Blockchain startup Twala unveiled its digital self-sovereign ID (SSI) on the Philippine Statistics Authority’s (PSA) 2022 Philippine Identification Summit final September 27-29 highlighting the financial advantages the expertise can ship to the nation.
Throughout his presentation, Alex Quinit, co-founder and chief expertise officer of Twala, mentioned the present course of organizations use for proving their clients’ identities is time-inefficient and expensive. “When opening a checking account, we are sometimes requested to supply no less than two government-issued IDs. For employment, we’re being requested for police and NBI clearance, our educational credentials, and plenty of extra. It’s going to take a while for these relying events to confirm our paperwork as they’ve restricted methods to confirm the authenticity of our paperwork.”
He added this course of makes Filipinos extra susceptible to id theft and fraud as they don’t seem to be normally made conscious of how their knowledge are being processed and shared.
Qunit mentioned SSI may help improve this course of. SSI is a digital ID idea that capabilities on the central tenet that folks will need to have sole possession and management over how their private knowledge are used and shared.
A key a part of SSI is guaranteeing the communications between the id holder and the celebration that may obtain the information don’t contain third events. As such, Quinit famous one of the best ways to implement SSI is thru blockchain, the place no middleman is required.
Throughout the globe, Quinit mentioned, blockchain-based SSI fashions are already being explored or used. Within the Philippines, Twala has developed an SSI mannequin impressed by the European Union’s digital Identification, Authentication, and Belief Companies (eIDAS) 2.0.