RegTech: New Blockchain Platform Seeks To Disrupt Identity Industry
Luxembourg is hosting a new joint effort to innovate in the identity industry using Blockchain technology.
A Luxembourg-based trust services provider is teaming up with the Blockchain identity startup Cambridge Blockchain to launch a dedicated platform for the European Union.
LuxTrust, which provides digital identity solutions to businesses and government, will develop an entirely separate platform using the Blockchain.
“Working with Cambridge Blockchain allows us to augment the scope of provided identities, including attributes for new sectors and businesses and will enable users to share personal data fully respecting the increasingly stringent European regulatory framework,” CEO Pascal Rogiest said in a press release issued Monday.
Cambridge’s input will see so-called “proof by design” concepts employed to provide various client-oriented services including consent management and compliance.
Coming from the EU heartland, supporters say the platform is even due to “transform” the identity industry.
Updating legacy regulatory frameworks has come to be embodied by the newly-coined term ‘RegTech,’ with other Blockchain startups such as ConsenSys already actively involved in the sphere.
“This partnership is a prime example of the transformation taking place across the identity industry, with established players like LuxTrust embracing the core innovation of RegTech startups such as Cambridge Blockchain,” Travis Jarae, host of the K(NO)W Identity Conference in Washington, DC, where the two collaborators formally announced the platform.