Digital bank BBVA has joined a two-year-old consortium, Dalion, which works on deriving a digital identity management model based on blockchain.
The project which collaborates with nine leading Spanish companies was incepted in October 2019, launching digital identity solutions inspired by self-sovereign privacy on Quorum and Alastria’s blockchain network.
Dalion promotes self-managed user digital identity leveraging blockchain technology that allows users to have control over their private data while ensuring firms strengthen their digital interactions with customers. Users will be able to choose whether to share their data with companies or not instead of sharing their entire identity.
“BBVA believes that digital identity will be a key element in the digital relationship of all kinds of companies with their customers, and the banking sector can play a key role in offering innovative services around digital identity,” explains Antonio Macías Vecino, Head of Payments Discipline at BBVA in Spain. “In this context, Dalion and its current partners offer a framework of guarantees to be able to address this type of initiatives.”