22 February 2017
Using self-sovereign identity to deliver regulatory challenges
Background:2018 will see two major pieces of regulation come into force in Europe - PSD2 and GDPR. One forces banks to open up the internal systems and allow access to personal data within, and the other updates 20 year old legislation, strengthening privacy, and permissioning of access, to private data held by banks.
Banks managing customer data are caught between these two regulatory forces. Ownership and control of personal data is becoming a high-stakes game - GDPR imposes huge financial penalties for non-compliance and PSD2 brings competition to the fundamental relationship banks have with their customers. What’s more, there is less than a year left to get ready for it.
Banks can overcome these regulatory headaches by applying self-sovereign identity - this means identity data which is both owned and controlled by the individual themselves. This is better for banks - who no longer need to hold a huge data liability, and better for customers - who can begin to make use of and monetise their own identity data. Find out why.
Paul Ferris is founder and CEO of ObjectTech Group, and has been developing practical identity solutions since 2012. He conceived and ran the ObjectChain Collaboration, which developed self-sovereign identity trusted via blockchain together with top global banks, insurers, telecos, legal firms, utilities and crucially, the FCA. Paul has been a financial sector systems architect for over 30 years. He will discuss how ObjectTech’s Consensus Ledger Aggregator works alongside existing banking architectures to address the regulatory and business challenges facing banks and how many of the problems accommodating legacy systems can be solved using this approach.