Banking

Government-backed Luxembourg firm and Cambridge Blockchain launch identity solution

(C) iStock.com/Allexxander

European Trust Services provider LuxTrust and US-based digital identity enterprise software company, Cambridge have announced a new European identity platform.

The platform is aims to provide businesses and consumers a secure way to exchange and manage personal data while fully complying with the incoming EU GDPR set of regulations.

Among the platform’s features are rapid onboarding and ‘know-your-customer checks’ for financial service providers. The platform will use a broad range of personal data sources, such as health records and data from IoT devices.

LuxTrust is a Qualified Trust Services Provider (QTSP), that currently manages digital identities for the population and ecosystem in Luxembourg.

The Luxembourg government owns two-thirds of LuxTrust, with the remainder of the company being held by a consortium of banks and financial services.

The announcement was made at the K(NO)W Identity Conference in Washington DC.

“This partnership is a prime example of the transformation taking place across the identity industry, with established players like LuxTrust embracing the core innovation of RegTech startups,” said Travis Jarae, One Word Identity CEO and host of the conference.

‘Privacy by design’

The new platform is based around the ‘privacy by design’ principles that are outlined in the GDPR. The companies feel that their solution solves the central challenge of the new regulations for any businesses that stores and uses the personal data of EU citizens.

Cambridge Blockchain state that the platform will allow for quick onboarding, attribute, consent management and compliance services for natural persons, legal entities and devices while providing full transparency and auditability of data.

The platform will be accessible in a single, mobile or web application.

“LuxTrust is committed to providing better identities for people and things,” Pascal Rogiest, CEO of LuxTrust, said.

“Working with Cambridge Blockchain allows us to augment the scope of identities, including any attributes, and will enable users to share personal data fully respecting the increasingly stringent European regulatory framework.

“We are very excited to innovate together, filling gaps in compliance, security and trust needed to accelerated digital personalised and automated services across Europe and worldwide.”

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