Home » JPMorgan Exploring Applications of Digital Identity

JPMorgan Exploring Applications of Digital Identity

by admin

  • JP Morgan’s Disclaimer Says Bank’s Digital Wallet Is a ‘Proof-of-Concept’ and May Never Launch
  • The co-founder of Quadrata, creator of the decentralized Web3 passport, is positive about JP Morgan’s potential entry into the space.

JP Morgan is exploring the idea of ​​a digital wallet that would allow users to control their digital identities and assets across platforms, but the level of decentralization of the potential product remains to be seen.

bank giant Video published We detail a planned solution that will allow people to choose which identity credentials they want to share in their interactions across the Web3, Metaverse, and DeFi protocols.

“As digital asset portability and ownership become more commonplace, we need a digital identity that allows us to manage our identity credentials and prove who we are, wherever we are by sharing only what we want to share.” We will be able to,” says the video. “Imagine having the option to buy now and pay later, using just your credit score and without exposing all of your personal information.”

Digital wallets like this could help people prove ownership of their NFTs and move the content they create to another platform.

A disclaimer at the end of the video states that the digital wallet is a “proof of concept” and there is no guarantee the company will launch such a solution.

A spokeswoman for JP Morgan declined to comment.

Digital identities are not a new problem

Microsoft launched ion — Unlicensed Identity Network — on Bitcoin mainnet in March 2021. in a blog post Developing decentralized identities for four years prior to launch.

Unlike traditional usernames and email addresses, decentralized identifiers are owned and managed by the entity itself and are used to protect access to resources, sign and verify credentials, and facilitate application data exchange. I can do it.

Jonathan Howl, Co-Founder discotold Blockworks in July: Decentralized identification can bridge existing trust gaps Web3 has things like undercollateralized loans in DeFi and verifiable authorship in NFTs.

The South Korean government is set to allow citizens Verify your identity with a digital ID embedded in smartphones by 2024, reported by Bloomberg last week.

co-founder Lisa Fridman quadratashe said she agreed with JP Morgan’s view that digital identity solutions should allow users to selectively reveal information about their identities without revealing personally identifiable information. Quadrata has launched Web3 Passport, which currently runs on Ethereum mainnet and Polygon, with a focus on integrating with applications to build a decentralized ecosystem, she said.

The Quadrata co-founder added that it’s hard to know how decentralized JP Morgan’s potential product will be at the proof-of-concept stage. Still, she sees this development as potentially positive.

Fridman told Blockworks:

“We look forward to exploring potential collaborations on identity solutions with them,” she added.

JP Morgan’s Crypto Journey

JP Morgan Launches Onyx — A unit to develop a blockchain-based platform for wholesale payment transactions, October 2020. JPM Coinwas being used commercially for the first time by a technology company for cross-border payments.

JPMorgan Chase hired an executive director of digital asset regulation policy earlier this month, while CEO Jamie Dimon called cryptocurrencies a “decentralized Ponzi scheme” in congressional testimony in September. is.

Banks have stepped into the crypto space this year in a number of ways. strategic investment at blockchain intelligence firm TRM Labs in February.

Earlier that month, the company Publish your virtual lounge In the blockchain-based world Decentraland. In a report at the time, Bank said there was a $1 trillion market opportunity in annual revenue for the Metaverse as creators increasingly turned to Web3 to monetize their creations.

Bank analysts also said in the May report Digital assets have replaced real estate as JP Morgan’s “preferred alternative asset class.”

Get the day’s top crypto news and insights delivered to your inbox every night. Subscribe to Blockworks’ free newsletter now.

  • Ben Strack is a Denver-based reporter covering macro and crypto native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the wealth management industry at Fund Intelligence and was a reporter and editor for various local Long Island newspapers. He graduated from the University of Maryland with a journalism degree.Email Ben [email protected]

Related Posts

Leave a Comment