Financial institutions

Nuggets Pilots Verified Self-Sovereign Digital ID Solution with 150 Financial Institutions

Nuggets, a multi-award-winning self-sovereign identity (SSI) and payment platform used by LexisNexis Risk Solutions, MyIdentity, LatPay and many others, today announced a pilot of its identity solution self-sovereign digital verified with a network of 150 global financial institutions that make up the new Global Assured Identity Network (GAIN).

GAIN’s mission is to create a verifiable, interoperable and reusable global identity standard that satisfies global regulatory compliance for financial services while ensuring user-centric privacy. GAIN is an international group, made up of global financial institutions, developing a cross-border approach to verified digital identity which it plans to launch in late 2022.

“The lack of verified digital identity presents a pressing problem and a significant opportunity for society. Rising data breaches, privacy concerns and financial crime – online trust is shattered,” says an article from Global Assured IdentityNetwork.

Nuggets solves this problem with a verified self-sovereign digital ID that allows every transaction to be securely verified and shared, prioritizing user-centric privacy. Its ID solution requires that the initiator and recipient of each transaction be verified before the transfer of funds or digital assets can be completed.

Nuggets achieves this through a combination of open standards including; Verifiable identifiers from W3C, Decentralized Identifiers (DID), zero-knowledge proofs and encrypted communication standards from DIDComm.

When a user transacts on one of GAIN’s member platforms, their identity is established through the creation of a Peer Decentralized Unique Identifier, or PeerDID.
Basically, verifiable credentials support selective disclosure, information provided can also remain anonymous through the use of zero-knowledge proofs, allowing users to provide proof that they are who they say they are without disclosing no PII.

This ensures that transactions cannot take place if this verification process does not occur. In addition, with the emergence of DIDs as a standard for digital identities, Nuggets’ solution becomes interoperable with other solutions and can be used to address other challenges facing web3, in particular the fight against risks. of identity fraud in the nascent metaverse.

Alastair Johnson, Founder and CEO of Nuggets, said: “For too long, companies have relied on usernames, passwords and devices as the trusted gateway to guarantee authentication, leading to fraud and abuse. While legacy verification methods have been bolstered with KYC onboarding 2FA, SMS, authenticators, securely engaging in the digital economy requires a user-owned and controlled identification solution that cryptographically proves everything from access to reliable transaction services. It should be reusable, verifiable, portable, private and secure. It is an important acknowledgment that GAIN has ensured that self-sovereign identity will be part of this move forward.

Nuggets enables users to secure their digital identities and verified finances in the real world and on the Web3 with verified self-sovereign identity and payment solutions. Using Nuggets, individuals and businesses can create reusable, verifiable digital identities and store personal information and value through an encrypted, non-private vault.

“GAIN and Nuggets share a duty to protect users from financial crime and to uphold the law. By leveraging our user-centric and highly trusted identity paradigm, financial institutions can satisfy global regulatory compliance while maintaining the sanctity of user privacy,” added Johnson.

“The financial industry faces a choice: will customers eventually log into their bank with a social media ID or will they use their bank to access the internet? … The time for cross-border and cross-industry collaboration has arrived,” states an article from the Global Assured Identity Network.

About Nuggets
Nuggets is an award-winning, self-sovereign, verified digital identity and payment platform that serves as a reusable and interoperable identifier for Web 2.0, Web3 and the Metaverse. Besides offering proof of who you are and what you can access, Nuggets also serves as a non-custodial cache for your digital assets. Available worldwide today and trusted by major organizations.
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About the Global Identity Assured Network (GAIN)
GAIN is an overlay network on the Internet made up of responsible participants only. All participants are provided with proof of identity to comply with regulations when opening accounts at their host organizations which consist mainly of banks and other regulated entities. These high assurance attributes are used as the basis for identity information that is transmitted from the identity information provider to the relying party as directed by the end user.
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