Japanese SoftBank Announces Blockchain ID Working Group
Japanese multinational holding conglomerate SoftBank Corp. and American telecoms-focused blockchain firm TBCASoft will lead a new blockchain-based digital identification study group under the canopy of the Carrier Blockchain Study Group (CBSG). The development was announced in a SoftBank press release today.
Today’s announcement reveals that the new working group, devoted to blockchain-based identification and authentication solutions, will initially focus on a new foundation application framework called CrossCarrier Identification System (CCIS), developed by TBCASoft.
According to the press release, legacy identification systems demand that users trust a central authority with the safeguarding and circulation of their personal data, such as passwords and usernames. Rather than vesting trust in a centralized entity, CCIS uses blockchain technology and zero-knowledge proof cryptography to both dis intermediate the verification process and better protect users against identity theft.
Implementation of CCIS will reportedly be conducted by multiple independent CSBG carrier members “under a CCIS Cross-Carrier Consensus with carrier-grade reliability.”
Takeshi Fukuizumi, SoftBank vice president said:
“We envision that individuals should create encrypted digital identities, instead of using and storing multiple usernames and passwords on databases here and there with various qualities of privacy protection.”