R3 is a consortium of more than 300 organisations, traditionally focussed on financial services and insurance, which is now diversifying into emerging areas such as digital identity. R3 has built and open-sourced a private, permissioned distributed ledger named Corda which enables each business in the consortium to streamline their operations through smart contracts, decentralised storage and decentralised identity verification.
This extensive ecosystem has significant benefits for individuals and organisations alike such as reduced friction in data transfer, guaranteed security in transactions and, most recently, self-sovereign control of personal data for individuals.
Corda has recently published a decentralised identifier (DID) method in accordance with W3C specifications and this has catalysed the development of Self-Sovereign Identity (SSI) architecture purely on Corda. Developing exclusively using Corda has substantial benefits such as added trust, security and privacy due to its private, permissioned design.
The Sovrin Foundation is a non-profit organisation with a specific mission to make SSI a global phenomenon by bringing forward-thinking, innovative decentralised technologies together into one governance framework. Sovrin provides open source code on which developers can build SSI solutions in cooperation with others, creating a unified and interoperable ecosystem.
The Sovrin Stewards run nodes on the Sovrin distributed ledger, referred to as Hyperledger Indy, in order to provide consensus and oversight of the data written to the Sovrin ledger.
The collaboration between R3 and Sovrin can only benefit the progression of the SSI industry because an open relationship between the two will enhance the interoperability and standardisation of technical architecture. This means that companies and individuals which use Sovrin or Corda should be able to share digital identity attributes between the two networks interchangeably.
IDWorks sits right in the middle of this collaboration because it is building on the Corda ledger in a way which will be compatible with Sovrin and Hyperledger Indy. Accordingly, IDWorks’ Regulatory &Compliance Associate, Alex Tweeddale, has been invited to participate with the Sovrin Governance Framework Working Group to contribute his specialist knowledge in the area.
IDWorks views this partnership and cooperation as something vital for the progression of the industry, and the creation of a broad web-of-trust. The whole IDWorks team is looking forward to participating in the evolution of this ecosystem and driving the industry forward from its core.
If you want to hear more about how we are doing this, feel free to get in touch.