In a significant development, the Strategic Initiative for Innovative Public Procurement (IECPI) of Spain’s National Cybersecurity Institute (INCIBE) has given the green light to GMV, the Spanish private capital group, for its pioneering project focused on developing a self-sovereign identity (SSI) using an innovative blockchain alternative.
Revolutionizing Self-Sovereign Identity with Sustainable Blockchain Alternatives
The Luís Valle R&D&I program, spearheaded by GMV, is dedicated to addressing the challenges posed by traditional blockchain technologies, particularly their energy consumption and scalability limitations. The core of the program’s SSI initiative lies in the utilization of identity-based cryptography (IBC) in conjunction with identity-based encryption (IBE). This approach seeks to move away from the conventional method of storing the relationship between private and public keys on the blockchain.
Under the IBC framework, a public key can be chosen directly instead of relying on central ID issuing authorities. A private key generator (PKG) is then responsible for creating the corresponding private key. In cases where biometric identity serves as the public key, the innovative equation eliminates the necessity for a blockchain-based link.
Empowering Users with Control Over Digital Identity
GMV envisions advancing self-sovereign identity technology, allowing users to have ownership, management, and control over their digital identities. This user-centric approach empowers individuals to make informed decisions about sharing personal data on a case-by-case basis. The applications span various sectors, including finance, healthcare, government services, and other domains embracing digital identity verification. The ultimate goal is to enhance security, minimize the risks of fraud, and protect against data theft facilitated by intermediaries.
Diversified Innovations under Luís Valle R&D&I Program
Alongside the approval for the SSI project, the Luís Valle R&D&I program has also received the nod for the development of a security operations center tailored for the space industry. This initiative aims to mitigate security risks associated with satellites, showcasing GMV’s diverse expertise in space technology, aeronautics, digital public services, and intelligent transportation systems.
Conclusion: Pioneering Secure and Sustainable Digital Identity Solutions
GMV’s approval for the SSI project marks a significant stride in the pursuit of secure and sustainable digital identity solutions. By leveraging cutting-edge technologies like identity-based cryptography, GMV aims to revolutionize how individuals manage and protect their digital identities. The broader implications extend to various industries, reflecting GMV’s commitment to innovation and security in the evolving landscape of digital identity management.