Validated ID successfully tests blockchain digital identity with CaixaBank and Aigües de Barcelona

Source: Cryptonews

CaixaBank and Aigües de Barcelona have developed a proof of concept with the company Validated ID, author of the decentralized digital identity solution based on VIDchain blockchain technology. At the moment, this solution allows validating the use of digital identity to improve the risk scoring of CaixaBank customers. Likewise, it allows to optimize the direct debit of invoices in Aigües de Barcelona.

The financial entity informs that the pilot was carried out in a test environment without real users. The solution has allowed CaixaBank, at the request of a fictitious user, to issue an account ownership credential and for said credential to be used to proceed with the direct debit of Aigües de Barcelona invoices.

Validated ID, CaixaBank and Aigües de Barcelona

Likewise, Aigües de Barcelona was able to issue a payment approval credential that allows it to obtain a better score when  requesting a loan from CaixaBank.

VIDchain has been designed so that users can be in control of their digital identity and exchange digital credentials in a simple, secure and private way. Thanks to blockchain, users can collect digital credentials and save them. Or choose the data they want to share with third parties at any time.

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One of the advantages of VIDChain is that Validated ID works with national and international partners and with different standards and blockchains. VIDchain has been the first wallet to pass the conformity test of the EBSI network of the European Commission and is compatible with networks such as Ethereum. What allows to create a decentralized identity ecosystem accessible to all.

Dalion and Ethereum

For the proof of concept, CaixaBank issued verifiable credentials through Dalion, a project in the Alastria network. Aigües de Barcelona used Ethereum. In this way, the interoperability of VIDchain in different networks could be tested.

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Validated ID states that with VIDchain it offers a new decentralized sovereign digital identity solution based on blockchain technology for digital identity verification processes. Like KYC and user onboarding  , in  compliance  with GDPR and AML. The company was one of the six companies selected by Banco Santander for its project to search for companies with scalable solutions in the use of blockchain. Validated ID was founded ten years ago in Barcelona by Santi Casas, Iván Basart, Jaume Fuentes and Fernando Pino. The CEO is Houses.