Self-sovereign identity technology leader Evernym and enterprise software firm R3 concluded a study to determine the interoperability of R3’s Corda platform with Sovrin, the only distributed ledger purpose-built for self-sovereign identity.
Originally developed by Evernym and later turned over to the international non-profit Sovrin Foundation. Evernym’s proprietary distributed identity solutions are built upon the Sovrin network.
As part of the joint initiative, four R3 member banks tested the ability of Evernym’s technology to add self-sovereign identity to the Corda platform. Such self-sovereign identity is only achievable on cryptographically protected, distributed ledgers.
“R3 has unquestionably led the way in the application of distributed ledger technology to financial services,” said Timothy Ruff, CEO of Evernym. “We’re excited about our relationship with R3 and, given the positive outcome of these tests, the chance to bring a privacy-enhancing, truly self-sovereign identity solution to their community.”
At its heart, Sovrin technology facilitates the exchange of ‘verifiable claims’, which in this context refers to those provable attestations which entities make about themselves: their age, address, certifications earned, and more. Evernym builds applications upon the Sovrin network which specialize in identity-based claims, such as those which establish a user’s authority to exert control over the funds in a particular financial account.
Corda is the only distributed ledger platform built from the ground up to meet the specific needs of the financial services industry, in that it records, manages, and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
“Identity is a key consideration in the application of distributed ledger technology to financial services, and Sovrin offers a true self-sovereign identity solution,” said R3 co-founder and Head of Partnerships Todd McDonald. “Between Corda and Sovrin, we have two of the best of breed ledgers in the market, and we look forward to working together on more use cases to enhance privacy and scalability for our banks on Corda.”
The demo code developed to prove basic interoperability between Corda and Sovrin during the study will be available for testing through the R3 Partner Team.