Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF) announced Monday it has joined the Sovrin Foundation, an open-source, open-standards technology platform for digital identity.
Built on a public blockchain, Loop said the Sovrin Ledger protects personal information while giving control of personal data back to the individuals.
The company joins over 70 leading tech organizations around the world including Cisco, T-Mobile, and NEC that have committed computing power and resources to strengthen the Sovrin Network.
READ: Loop Insights teams up with Data Clymer to provide real-time data solutions for use in professional sports and live entertainment venues
Loop noted it currently issues credentials through the native mobile wallet that is embedded in Apple iOS and Google Android smartphones, which has been leveraged by Passcreator to offer a secure and easy-to-use platform. However, this data can be difficult for third parties to verify.
In January, Loop finalized its acquisition of Passcreator to provide the company with complete control over Passcreator and its wallet pass platform. By joining the Sovrin Foundation, the credentials that Loop issues can be fully verified by any third party, allowing organizations to check them against Sovrin’s independent public blockchain.
“This integration is expected to greatly enhance the existing security and privacy of personal information that is encrypted and secured on Loop’s wallet pass platform, originally created by Passcreator,” Loop said in a statement.
“By validating our issuance and data on the public Sovrin Ledger, Loop will greatly expand the interoperability of its mobile wallet passes, which can now be validated by any organization or individual. The security of the Sovrin Ledger will also enable users to share individual pieces of information with third parties without revealing their entire personal identity.”
Loop said it has become clear that public blockchain technologies will be critical to the security and privacy of personal information moving forward.
The company said its goal is to architect and launch a platform that provides seamless interoperable data connectivity for physical venue and retail operators. With the addition of supportive blockchain verification, the company is now able to issue verified digital wallet credentials through the native wallet in each and every smartphone.
"The Sovrin Foundation is very excited to welcome Loop Insights as the newest Steward of the Sovrin Ledger," said Chris Raczkowski, chair of the Sovrin Foundation Board of Trustees. “The innovative Loop Insights team will strengthen the Sovrin network moving forward as we continue to offer secure and privacy-preserving digital identities for all.”
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham