Trinsic’s Post

A concise overview of Decentralized Identity (DiD), demystifying a complex topic for easy understanding. Ideal for those looking to stay ahead in digital identity management.

🌐 The Bermuda Monetary Authority (BMA) is pleased to release its Consultation Paper on the proposed Regulation of Digital Identity Service Providers (DISPs) in Bermuda. This initiative seeks to establish a robust framework for the licensing and supervision of non-governmental digital identity providers, promoting secure and efficient identity verification processes. Key Highlights: Objective: The proposed framework aims to reduce friction in customer interactions with financial institutions by streamlining identity verification through regulated digital identities. Scope: The regime will apply to entities offering digital identity services to individuals and businesses in Bermuda, ensuring compliance with established regulatory standards. Licensing Regime: DISPs will be required to obtain a license from the BMA, meeting criteria such as financial soundness, operational resilience, and effective governance structures. Risk Management: Licensed DISPs must implement comprehensive risk management frameworks, with a strong focus on cyber risk management to protect against potential threats. Consent and Privacy: The framework places significant emphasis on user consent and privacy, ensuring personal data is handled responsibly and transparently. Conduct of Business: DISPs are expected to adhere to high standards of business conduct, ensuring fair treatment of users and maintaining the integrity of their services. Prudential Return and Supervision: DISPs will be required to submit periodic prudential returns to the BMA, ensuring ongoing compliance with regulatory requirements. The BMA will also conduct supervisory reviews to assess adherence to the framework. Power to Obtain Reports and Information: The BMA will have the authority to request reports, data, or other information from DISPs as necessary to monitor compliance and address risks effectively. Enforcement Powers: The proposed framework grants the BMA enforcement powers to address non-compliance, including the imposition of fines, license suspension, or revocation in serious cases. The BMA welcomes feedback from industry stakeholders and interested parties. Your insights are vital in shaping this forward-thinking framework. 📩 Submit your feedback: Comments and suggestions can be sent to policy@bma.bm by January 10, 2025. This consultation represents a significant step toward modernizing Bermuda's financial services landscape, fostering innovation while protecting consumer interests. 🔗 For more details, access the full Consultation Paper on the BMA website here. #DigitalIdentity #Regulation #Innovation #BermudaMonetaryAuthority #Bermuda #FinTech #responsibleinnovation

Bredec Group Bredec Ecosystem Digital Identity Management System Market Soars, Safeguarding - openPR.com: ... digital ecosystems, promoting interoperability and reducing friction in online transactions. As digital interactions become increasingly pervasive ... inquiry@bredec.com Inquiry@bredec.com

As we review today's final Federal #openbanking rules for the United States, I was excited to see our recent report on #apidrift cited by CFPB. Our research indicates that many teams struggle to publish accurate, complete #apispecs. That's why we made it easy to see gaps between spec and production APIs with our conformance tool. See the full report: https://lnkd.in/gePfS-qp

Choose strategy for digital ID wallet integration, governance frameworks carefully .. ID4Africa Day 3 explores how to do so #digitalid #digitalwallet #id4africa2024

Security token offerings (STOs) have emerged as an innovative way for companies to raise capital by issuing tokens that represent ownership in an underlying asset, much like traditional securities. However, one of the challenges STOs face is attracting non tech-savvy investors, which can limit their appeal compared to traditional investments. This article explores how structuring a security token raise in the vein of a regular private placement, with an option to convert into a digital security, could significantly improve its success by enhancing secondary market liquidity. Read More in the Link: https://lnkd.in/e6dKJ5-b

So many tech providers face security challenges and compliance complexities, which underscores the importance of a reliable partner to help these overcome these obstacles. See how one custom solution delivered real benefits for one of our clients. #fintech #datamanagement #applicationdevelopment #empaxis

Building the future of secure, user-centric identity management has never been easier! Affinidi Elements offers a scalable, privacy-first technology stack that makes building secure, user-centric identity solutions simple and efficient. 🪄 As the building blocks of next-gen identity management, Affinidi Elements enables seamless credential issuance and verification, along with providing advanced tools for credential management and upholding data privacy—all built on open standards. 🔑 Affinidi Elements is designed for scalability and interoperability: - Credential Issuance & Verification utilising OID4VCI protocol - W3C-compliant Schema Builder - Wallets with Decentralised Identifiers (DIDs) - Domain Verification for enhanced trust Curious about implementing user-centric identity solutions? 👉🏼Visit: https://lnkd.in/g2FayFNY

https://lnkd.in/ej2kZPv8 So full #trust #triangle is hard for adoption. The most complex part is an issuer-verifier ecosystem and trust relation We could unlock a large number of use cases where the issuer and a verifier is the same organization or close partners. It makes more sense for partners and makes the process more decoupled and interoperable. For the same organization, we could still benefit from VCs stored on the user side in the security and data compliance space. We could have many use cases - event tickets and fun interaction - access management - different kinds of e-commerce discounts and certificated - e-gaming My biggest concern in this space is that we put full power to the issuer side and holders have reduced rights. I believe we could do a bit better. #ssi #trust #verifiablecredentials

#Fully_Homomorphic_Encryption has the potential to support a #zero_trust strategy by keeping clients' digital asset transactions data, the models that process the data and the generated results #encrypted_end-to-end, including during computation. https://lnkd.in/gUcPG4Dt