Meine Sichere ID
What is it?
MeineSichereID is an Austrian-based project, aiming to create a safe, self-sovereign, digital ecosystem for identities. The concept of self-sovereignty refers to digital identities that are completely under the control of the respective entities and are not administered and controlled by any central authority. Thus, the data sovereignty of the user is already established technologically. The user actively decides to whom the identity-related data will be available, permanently or once. In addition, the user may also easily withdraw access to the data at any time.
Why do we do it?
Currently existing identity management systems tend to be both costly and inefficient due to various reasons. Some of these reasons include manual data collection, verification and monitoring which ultimately increases the operational risk of human error. In addition, the process of identity verification is often duplicative, resulting in duplicative costs, and it also requires multiple interactions with customers which may result in customer frustration and dissatisfaction.
Blockchain-based digital identity ecosystems, such as MeineSichereID, promise to not only remove duplicative processes for clients, but also to reduce the number of false positives in anti-money laundering monitoring. Moreover, by leveraging on the blockchain technology, banks could reduce financial burden of collecting information for identity verification.
Who is participating?
Partners of the MeineSichereID consortium are coming from different industries in Austria and these are A1, Handelsverband Österreich, Marketplace Austria - a network of the 15 most relevant media, as well as Notar-Treuhand-Bank, youniqx Identity AG, PSA Payment Services Austria GmbH, Raiffeisen Informatik, Raiffeisen Bank International and Raiffeisenlandesbank Niederösterreich – Wien.