In order to develop a digital identity system running on Blockchain, Deloitte has collaborated with Attest Inc, as per the press release published Nov. 5. Attest is a blockchain-based digital identity company based in Chicago. It offers a shared identity platform that enables its clients to provide digital identity services to their customers.
The collaboration will help in developing a digital identity offering to be used by Deloitte on the existing product of Attest. There are two products in line; Attest Wallet and Attest Enterprise. The former one is a secure digital wallet for storing government and business ids, a kind of cryptocurrency type wallet. On the other hand, the latter acts as an intermediary for verifying identity, and providing consent to users to self-regulate the data on their behalf.
As per the co-founder, and chief executive officer of Attest Cab Morris, potential risk and the cost for the operation associated with any business can be reduced marginally through digital identities issued by the government. On a similar note, the managing director, Deloitte Consulting LLP Wendy Henry opined that government should facilitate towards building digital wallets for storing identity credentials safe from the hands of unwanted security breaches.
The “Big Four” accounting firm Deloitte has earlier outlined the need of addressing few basic areas of Blockchain – lack of standardization, high costs and complexity of applications – to make the development of Blockchain technology widely acceptable.