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CaixaBank and Aigües de Barcelona test the interoperability between different blockchain digital identity networks with a solution coming from the startup Validated ID 

·       Validated ID has created ani nnovative solution called VIDidentity (previously VIDchain), with the aim of helping companies and users take control of their digital identity and exchange digital credentials in a simple, secure and private way.

·      The use cases tested during the pilot phase have made it possible to validate the use of digital identity to optimize the direct debit of bills in Aigües de Barcelona and to improve the risk scoring of a potential new CaixaBank customer.

CaixaBank and Aigües de Barcelona have developed a proof of concept with the Catalan startup Validated ID, which has developed a decentralized digital identity solution based on blockchain technology.

The objective of the project has been to demonstrate the feasibility of using digital identity in a decentralized manner to provide people with control of their identity and facilitate secure user access to online services. The pilot phase has helped build an identity solution that enables the identification of a customer and the exchange of secure information between two companies. Interoperability between different blockchain networks and sovereign digital identity standards has been successfully tested.

During the pilot phase, carried out in a test environment without real users, the solution has allowed CaixaBank, at the request of a fictitious user, to issue an account ownership credential and, subsequently, this credential has been used to proceed with the direct debit of the invoices of Aigües de Barcelona. On the other hand, Aigües de Barcelona,​​ also at the request of a fictitious user, has been able to issue a payment approval credential that allows it to obtain a better score when requesting a loan from CaixaBank. These are the two use cases tested during the pilot project.

 

Control of digital identity for users

Validated ID has created a sovereign identity platform called VIDidentity, designed to help users take control of their digital identity and exchange digital credentials in a simple, secure and private way. Thanks to blockchain technology, users can manage their personal identity securely and can collect and store digital credentials, as well as choose which data they want to share with third parties at any time.

One of the advantages of the solution created by Validated ID is that the startup works with national and international partners, and with different standards and blockchain networks. VIDidentity has been the first wallet to pass the conformity test of the European Commission's EBSI network, and is compatible with other networks such as Alastria and Ethereum. This creates an open ecosystem of decentralized identity accessible to everyone.

For this proof of concept, CaixaBank has issued verifiable credentials through the Dalion ecosystem (a sovereign digital identity collaborative project based on blockchain technology) on the Alastria network (national blockchain consortium). For its part, Aigües de Barcelona has used Ethereum to issue credentials. With this, the testing of interoperability in different networks and in a transparent way for the end user has been performed.

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Collaboration with startups

CaixaBank, together with other entities, has promoted Dalion, a collaborative project based on blockchain technology that aims to give people control over their personal data to make a single digital identity a reality, and individually controlled and self-managed by each holder within a safe and reliable environment. 

With the aim of improving ability and efficiency ininnovation, CaixaBank is committed to collaborating with startups and fintech companies through initiatives such as zone2boost, an international innovation program promoted by the entity together with Visa, Global Payments and Worldline.

CaixaBank also promotes, through DayOne, the open innovation program to support startups within the DayOne Open InnovationProgram. With this initiative, the purpose is to bring the entrepreneurial ecosystem closer to the entity's different business areas and jointly develop innovative projects that respond to the new needs of society and current challenges.

Thanks to these initiatives, CaixaBank can speed up the time from when an idea arises until the new product or service is marketed, and more easily identify talent. Simultaneously, for startups, collaborating with financial institutions gives them the opportunity to have a multitude of very valuable resources, such as approaching an important portfolio of clients, having a large distribution channel, improving their positioning brand or gain visibility.

On the other side, Aigües de Barcelona is promoting its own open innovation laboratory in order to identify innovative technological solutions that generate a positive impact on society and respond to the challenges linked to the climate emergency. The company acts as a lever and link between the administration, startups and local entities of the Barcelona metropolitan area, in order to contribute to the Sustainable Development Goals.

The lines of action of the laboratory are framed in six blocks: resilient water resources, the impact of global change; efficient infrastructure management; the environment and health; water and energy; and water demand management. The projects developed contribute to the achievement of one or more Sustainable Development Goals, putting the citizen at the center of digital transformation and advocating a perspective on technological humanism.

 

About Validated ID

Validated ID is a Spanish technology startup founded in 2012 in Barcelona, ​​which offers secure trust services with VIDsigner eSignature and VIDidentity self-sovereign identity.

VIDsigner is our secure signature SaaS service for face-to-face and remote scenarios. It combines simplicity of use with the security of cryptography and biometrics. Its different types of signatures are combined with each other to adapt to the needs of different teams and people. 

With VIDidentity we offer a new decentralized sovereign digital identity solution based on blockchain technology for digital identity verification processes such as KYC and user onboarding, in compliance with GDPR and AML.

‍About CaixaBank

CaixaBank is the leading financial group in Spain. With the incorporation of Bankia, it reaches a volume of 689,217 million euros in assets, which makes it the largest bank in the domestic market, with a relevant position at European level. In addition, CaixaBank has a strong presence in Portugal, where it controls 100% of BIS.

The group, chaired by José Ignacio Goirigolzarri and directed by Gonzalo Gortázar, has 20.4 million customers and the largest network of branches and ATMs in Spain and Portugal and positioned as a leader in digital banking, with a base of 11 million digital customers.

 About Aigues de Barcelona

Aigües de Barcelona manages the complete water cycle: from collection to purification, transport and distribution, as well as sanitation, purification and regeneration of wastewater, either for its return to the natural environment or for its reuse.

Committed to people and the planet, the company provides services to nearly 3 million citizens of municipalities in the Barcelona metropolitan area and works with the clear purpose of improving people's quality of life and making cities a better place to live. To do this, Aigües de Barcelona integrates social and climate action in a transversal way and its way of working is oriented towards proximity and dialogue with customers; excellence and responsibility in the provision of services; the commitment to innovation, digitization and internal talent; and collaboration with other companies, entities and administrations.

In this way, the company promotes sustainable and prosperous cities, capable of facing the biggest problems humankind faces now and in the future.

 

 

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Validated ID Team