During the European Identity and Cloud Conference on 13 September, the GAIN (Global Assured Identity Network) released the first draft of its Proof of Concept for a global assured identity network. This first draft has been compiled by more than 150 experts in the field of digital identity and financial institutions. The paper invites organisations to contribute to the further development of the Proof of Concept and calls on financial institutions to grasp the opportunity to take the lead.
A global assured identity network will offer an alternative to the centralised data exchange (Big Tech) approach that poses serious threats to our economy, and to our democratic values. That represents a major opportunity for financial institutions to leverage their position of trust and lead this global assured identity network.
By building a user-controlled, collaborative, decentralised and interoperable global network – as has been accomplished in payments and securities – financial institutions will offer high-trust identity assurance within a safe and properly regulated environment as a major step towards Digital Trust.
“Financial institutions have historically built the infrastructures that underpin trust. In collaboration with peers and partners, they can build a global solution that benefits relying parties, end-users and society,” says Douwe Lycklama, founding partner of INNOPAY and one of the co-authors of the GAIN white paper.
“Global interoperability, akin to the global rails that connect localised GSM, Payments and Securities solutions, will give financial institutions the reach required to win. This means no financial institution can deliver alone: the solution must be collaborative and interoperable across borders.”
The GAIN white paper launched on 13 September 2021, during the first day of the European Identity and Cloud Conference at the keynote session 19:20 hrs. The GAIN groups invites organisations to collaborate: the leaders of financial institutions, identity providers and relying parties to jointly progress the GAIN architecture, governance and legal structure in order to deliver a first functioning network by Q4 2022.
Ahead of the European Identity and Cloud Conference 2021, Don Thibeau of the Open Digital Trust Initiative and Douwe Lycklama of INNOPAY give our readers a preview on The Paypers of what a global digital identity network would look like and the potential benefits for stakeholders.