IDWorks Blog

The recent Report by the Joint Committee on Human Rights on the “Right to Privacy and the Digital Revolution” highlights that companies have found loopholes in the GDPR to maximise data collection and big data analysis, which in turn undermines digital privacy rights.

The way personal, profile and identity data is managed by banks is outdated. Independent banks and banking groups are both losing revenue because significant amounts of money are spent on KYC checks, onboarding and legacy data management systems. Often, innovative solutions proposed to banks do not factor in Financial Regulations which banks must adhere to.

The need for consent and direct user control on the internet is becoming increasingly important. A recent judgement from the European Court of Justice (ECJ) indicates that a shift is needed, whereby individuals are able to have a ‘private sphere’ of control on the internet, untapped by companies and cookies.

In July 2019, the European Parliamentary Research Service (EPRS) published a report on whether distributed ledger technology (DLT) and blockchain can align with the GDPR. Our resident GDPR expert, Alex Tweeddale has summarised the key points relating to Self-Sovereign Identity (SSI) in a concise article.

The highly performant, enterprise blockchain leader ‘R3’ has been announced as a Sovrin Steward. The unity between these two bodies will enhance interoperability and standardisation of technical architecture, and as such, is a huge step for the development of the Self-Sovereign Identity (SSI) industry at large.

20|30 Group has acquired identity management specialist IDWorks, which is redefining identity to unlock economic opportunities and reduce fraud for businesses worldwide. IDWorks was created by an experienced team and led by CEO and co-founder Nigel Quantick, who argues that identity today is broken and businesses need to take urgent action to fix the problem.

The Catalan Government has made it clear that Self-Sovereign Identity (SSI) can fuel a digital transformation because it is a tool which can be used by individuals to access digital Government services with more privacy. President Quim Torra explains how it can develop the digital economy, whilst simultaneously empowering the citizen.

IDWorks recognises the importance of identity in empowering individuals to exercise their rights and freedoms. Just as identity is important for people in the physical world, it is equally important in the digital world. Consequently, it is imperative that individuals understand their right to have control of their real-world and digital identities going forward.

Cody Sanford, CIO of T-Mobile expresses how Self-Sovereign Identity and Identity Governance are imperative for a digital revolution. He highlights that T-Mobile can be a first-mover in this area and acknowledges that the end-goal of this technology is far beyond the scope of just the Telco market: it can completely reimagine identity.

IDWorks’ Regulatory and Compliance Associate, Alex Tweeddale, believes that working with private permissioned ledger technology, such as Corda, will significantly reduce the data protection responsibilities for companies looking to get involved with Self-Sovereign Identity technology.

Australia’s Digital Platform Inquiry encourages a movement away from the loopholes in the GDPR and towards a more consent-centric data protection framework. Alex Tweeddale, Regulatory and Compliance Associate at IDWorks suggests that Self-Sovereign Identity is the perfect technology to facilitate this evolution.

IDWorks' parent company, 20|30 Limited (“20|30”), today announced it has appointed Louisa Bartoszek to the newly created role of Head of Communications, effective immediately. Based at the company’s headquarters in London, Louisa reports into CEO and Founder, Tomer Sofinzon, and is a member of the firm’s Executive Committee. 

IDWorks' parent company, 20|30 has become the first UK company to successfully complete the tokenisation and issuance of their equity as part of the UK Financial Conduct Authority’s (FCA) Sandbox 4.