Auckland, NZ, December 10th, 2018 - SingleSource, pioneers in decentralised identity and risk scoring, have secured a R&D grant from Callaghan Innovation, New Zealand’s innovation agency, to help fund the development of the company’s decentralised digital identity and risk scoring platform.
In today’s online business environment businesses require wider access to personal information to combat fraud while consumers are distrustful of handing over control of their information to third parties. The New Zealand government has recognised the need for robust digital identity management for both business and individuals with the recent announcement that it is committing $5.15 million for a two-year research project into digital identity which will be led by the Department of Internal Affairs.
This follows the establishment of Digital Identity NZ, a not-for-profit organisation bringing together private and government organisations working to make digital identity easier and create a successful digital identity ecosystem in New Zealand. SingleSource is a founding member of Digital Identity NZ.
The problem with traditional identity verification services and credit scores is that they are insufficient to combat fraud as the information can be easily falsified or manipulated while fraud lists or transactional data are fragmented across multiple organisations, preventing an individual's risk from being assessed in its entirety.
SingleSource aims to solve this problem through the creation of a decentralised risk scoring platform using blockchain technology which has the advantage of storing transaction records in a distributed and immutable environment. Individuals’ digital identity and risk scores will be created, stored and accessed via this blockchain technology using SingleSource’s platform.
SingleSource believes the system will satisfy the needs of both individuals and businesses; control of digital identity remaining in the hands of the individual while enabling secure access to transparent, trusted data for financial organisations. Individuals can have faith that the information used to verify their identity and their risk profile will be accurate when used by financial organisations to make risk assessments while enjoying improved transactional experiences.
The R&D grant from Callaghan Innovation, which is for up to $318,000 over 12 months, will help SingleSource research, design and implement new secure technologies, as well as fund the necessary development talent with specific knowledge and skills.
SingleSource’s CEO Kelvin Chandran says, “This grant will help us extend our capability sooner, so we can accelerate development of the technologies we believe will have a significant impact on how New Zealanders secure and use their digital identity in the near future. It’s gratifying that the government, through its recent initiatives has clearly indicated it understands the importance of developing robust digital identity solutions for New Zealand businesses and individuals alike.”
SingleSource Platform Pte. Ltd (“SingleSource”) provides a decentralised risk scoring and identity protocol that puts the individual in control of their own personal data by leveraging blockchain technology. Our vision is to support a safer and fairer marketplace for the individual to transact with businesses so that they receive the best value for the service, while enabling organisations to trust the individual and eliminate financial fraud. SingleSource is powered by Centrality, one of the world’s leading, blockchain venture studios.