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Blockchain startup Twala co-founder and chief technology officer Alex Quinit revealed during the Philippine Statistics Authority’s (PSA) 2022 Philippine Identification Summit the firm’s self-developed digital self-sovereign identification (SSI) card, which can be used for logging in to different apps and websites. The same revelation was shared by CEO Jeffrey Reyes on a panel discussion at the recently concluded Global Blockchain Summit 2022 in Balanga, Bataan, which BitPinas covered.
“When opening a bank account, we are often asked to provide at least two government-issued IDs. For employment, we are being asked for police and NBI clearance, our academic credentials, and many more. It will take some time for these relying parties to verify our documents as they have limited ways to verify the authenticity of our documents,” stressed Quinit, adding that the current system of different organization in validating their costumer’s identity are time0inefficient and costly.
According to the Twala Chief, one of the advantages of using SSIs in the system is minimizing the threat of identity theft and fraud among the customers, as SSI is a digital ID concept that functions on the central tenet that people must have sole ownership and control over how their personal data are used and shared.
With this explanation, Quinit emphasized that the best way to implement the SSI system is through blockchain technology, because a key part of SSI is ensuring the communications between the identity holder and the party that will receive the data do not involve third parties.
This is supported by Reyes’ statement during the Global Blockchain Summit 2022, where Reyes highlighted that the data record in the blockchain cannot be edited easily.
Reyes also highlighted that SSI can make the process for every user easier, citing an example scenario where a user wants to create an account on an e-wallet, that user can use the SSI to provide the verified information, by that way, the time consumed in filling out forms and verifying through government IDs will be lessened.
Thus, Quinit clarified that a blockchain-based SSI model is key to avoiding identity theft and fraud, which has already been explored and used in other countries.
He also shared that as a blockchain startup, Twala has already developed an SSI model-inspired by the European Union’s electronic Identification, Authentication, and Trust Services (eIDAS) 2.0.
This is what the partnership of Telecommunications Company PLDT with Ohelio, Inc. has since July – to produce a blockchain-powered document and digital signature platform using Twala, which will allow users to sign legally binding documents through a laptop or smartphone.
A month after the partnership, the Department of Science and Technology (DOST) – Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) then awarded a grant worth ₱4.6 million in Twala, with the aim to further help firms power their remote or hybrid work arrangements through the startup’s digital signature solution.
This article is published on BitPinas: Twala Introduces Blockchain-Based Digital Self-Sovereign ID
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.