Since the beginning of the online revolution, the secure validation of the real identity of people in the digital environment has presented itself as a problem – both for users, who have seen their privacy and control over their personal data eliminated and for companies, who are constantly suffering the cost of inefficient identification and repeated security breaches.
To solve this, we are developing VIDchain, which enables users themselves to own, control and manage their identity by means of a digital wallet (mobile app), which acts as a digital record or container of identity attributes and transactions.
Simply put, VIDchain is a self-sovereign identity (SSI) on the blockchain, a permanent identity that can only be accessed in full by the person or entity to whom it belongs, yet portions of that identity can be shown to any individual, organization, or agency whenever it becomes relevant. Since self-sovereign identities are decentralized and encrypted, identity theft or incidents become much less of a problem.
Blockchain based VIDchain solution is a scalable, efficient and high-impact decentralized solution that will generate positive social change by decentralizing and disintermediating processes related to identity management, a global challenge.
The first real-world use case of VIDchain is focused on drastically improving digital accreditation in education. A series of ongoing projects are bringing VIDchain to universities so that students can use SSI credentials to benefit from easier mobility and cross-border services across EU. Indeed, the proposed SSI framework will allow to interact with multiple education centres for enrolment and homework.
Reliable and fast verification of education credentials will be especially handy for students within the EU. Our solution will help them to use their diplomas and courses issued as a verifiable credential not only in their home country but also as a trusted credential that can be validated by any employer or public administration.
The company behind VIDchain is Validated ID, a Spanish tech start-up founded in 2012 in Barcelona (Spain), backed by Randstad Innovation Fund, Caixa Capital Risc and Cuatrecasas.
To ensure the new standards, Validated ID is part of national and international consortia, such as Sovrin, DIF, and Alastria, with whom we work together to establish an open ecosystem of decentralized identity accessible to everyone. Also, we have recently joined INATBA (International Association for Trusted Blockchain Applications), which offers developers and users of DLT a global forum to interact with regulators and policy makers and bring blockchain technology to the next stage.