Washington D.C. — Identity management company LuxTrust S.A. has forged an agreement with digital identity enterprise software maker Cambridge Blockchain, in which they will build a new privacy-protecting European identity platform. The partnership was announced as part of One World Identity’s K(NO)W Identity Conference.
The new platform will offer businesses and consumers a trusted environment to exchange and manage personal data online, in full compliance with strict data privacy rules, such as the European General Data Protection Regulation.
The platform will instill state-of-the-art “privacy by design” principles outlined in the GDPR to provide quick onboarding, attribute, consent management and compliance services for natural persons, legal entities and devices with full transparency and auditability of transactions. Data and privacy policies are established through a single comprehensive system, accessible via user-friendly mobile and web applications.
LuxTrust will combine its current services — including authentication, signature and document management — with Cambridge Blockchain’s enterprise software. Applications will cover rapid onboarding and know-your-customer checks for financial service providers, as well as a range of personal data sources, such as health records and Internet of Things devices.
Pascal Rogiest, chief executive of LuxTrust, said the immutability, transparency and ability to audit blockchain make it especially suited for a distributed know your customer system. LuxTrust currently manages digital identities for the entire population and business ecosystem in Luxembourg, and is expanding internationally.
“LuxTrust is committed to providing better identities for people and things,” Rogiest 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 accelerate digital, personalized and automated services across Europe and worldwide.”
And for Cambridge Blockchain, KYC and other applications involving personal data stand to benefit from the trust, simplicity, and lower costs associated with blockchain.
Cambridge Blockchain was introduced to LuxTrust, a Qualified Trust Services Provider, when both parties participated in the 2016 FinTech Innovation Lab for growth-stage companies. Both parties found a similar vision for digital identity, and found their respective technologies were complementary.
“Luxembourg is the ideal place to launch this platform,” said Cambridge Blockchain Chief Executive Matthew Commons. “By combining LuxTrust’s current certified services such as authentication, signature and document management with our innovative blockchain-based enterprise software, our collaboration will deliver the future of digital identity for Europe and beyond.”
The announcement helped to kick off the inaugural K(NO)W Identity Conference, which runs this week at the Ronald Reagan Building and International Trade Center in Washington D.C.
“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 such as Cambridge Blockchain,” One World Identity Chief Executive Travis Jarae said.