iov42 is pleased to announce that we will be trialling a new Proof of Concept (PoC) with Credenxia, a leading edge workforce verification partner.
The successful PoC will aim to build upon Credenxia’s expertise in workforce management with a standalone system that offers Credenxia’s users an option of decentralised identities, following the latest standards from the World Wide Web Consortium (W3C).
The PoC will combine Credenxia’s robust identity and credential verification processes with the immutable security of iov42’s blockchain-inspired identity platform. The goal is to provide users with the highest level of data security, with each user’s identity and credential verifications associated with immutable audit records on iov42’s platform.
What sets this PoC apart from current solutions on the market is its emphasis on the W3C standard to ensure user control — Each user will have an identity wallet app where all of their credentials are stored and easily accessed, with the user’s permission. This new approach to credential verification moves away from traditional, centralised databases and puts users in charge of their personal data.
Credenxia and iov42’s collaboration is poised to tap into the growing blockchain-based decentralised identity market, which is expected to reach an annual revenue of $1.1 billion by 2024.
The solution can easily be applied to any industry that requires identity and credential verification, such as the public sector, military, education, transportation, healthcare, construction, resources, and others. Credenxia is eager to pilot the new service with organisations who are looking to streamline their credential assurance processes, while securing trust across their brands, partners, and employees.
“We are very happy to be working with Credenxia. Their early adoption of W3C gives this PoC a competitive advantage over other organisations who delay or decide against following the standard. It will also enable the solution’s widespread interoperability across industries and global information systems that follow W3C. This PoC represents an exciting collaboration for iov42, as it’s one of the first use cases to be fully developed by a partner organisation, demonstrating the ease of use of our identity platform.”
— Dominic von Trotha Taylor, CEO, iov42
“Credenxia is very pleased to be working with iov42 on this PoC. Both companies share the same philosophy toward individual data privacy and controlled access to this information. iov42 understood that our requirement to adopt W3C was driven out of the desire to ensure a harmonised and secure standard is maintained on behalf of the individual and all stakeholders. With the advent of post-pandemic Return-To-Work; International Travel; and health/safety/security related initiatives under consideration, the time is right to adapt our secure centralised platform to accept, verify and distribute decentralised (Blockchain falls under the umbrella of Distributed Ledger Te...) credentials.”
— Terry Jones, Managing Director and CEO, Credenxia
Credenxia is a leading edge workforce verification partner. We ensure workers are identified, verified and have all the required credentials they need before they start. We’re proud to partner with other leading businesses across a wide range of industries including the public sector, transport, construction and resources, to protect their brands, partners and workers. See more at www.credenxia.com
iov42 helps organisations that rely entirely on their users’ trust, but whose processes or products aren’t as robust as they could be. iov42’s trust-building technology enforces the organisation’s rules & requirements in a way that provides verification, so that their users can have peace of mind when dealing with each other. It’s all done through an identity-centric platform inspired by blockchain, but with pioneering technology that makes it simpler, faster, and more secure. iov42’s ultimate aim is simple: to help create a digital society built of interconnected groups that can fully trust one another. See more at www.iov42.com.
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