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Develop Blockchain-Based Digital Identity Solution for Financial Sector

eleks.com

Information technology

Challenge

DNP recognizes the growing importance of decentralized identity management but lacks a concrete strategy for entering this market. They need to identify and prioritize the most viable use cases for verifiable credentials and digital identities to inform future Proof-of-Concept (PoC) development.

About the Client

DNP is a global printing company leveraging information security technology to enhance its product and service offerings. They aim to be a leader in decentralized identity management.

Objectives

Develop a functional application for the financial sector enabling users to create and manage blockchain-based digital identities.
Establish DNP as a provider of digital identity solutions within the financial sector.
Demonstrate the feasibility and value of blockchain-based digital identities through a PoC.
Gain a deeper understanding of the regulatory landscape and market trends related to digital identity.

Functional Requirements

Digital Identity Creation: Users can create and populate their digital identities with relevant information.
Identity Management: Users can update, modify, and revoke access to their identity data.
Secure Storage: Digital identities are stored securely using blockchain technology.
Verification Capabilities: Supports various verification methods (biometrics, geolocation, document verification).
Financial Sector Integration: Designed to seamlessly integrate with existing financial infrastructure.

Preferred Technologies

Blockchain (specific platform to be determined based on PoC)

API Integration

Biometric Authentication

Geolocation Services

Secure Data Storage

Integrations Required

Financial Institution APIs
Biometric Authentication SDKs
Geolocation Services APIs

Non-Functional Requirements

Scalability: System must be scalable to accommodate a growing number of users.
Security: High level of security to protect user data.
Performance: Fast and reliable performance.
Compliance: Compliance with relevant data privacy regulations (e.g., GDPR).

Expected Business Impact

Successful development and implementation of this solution will enable DNP to enter a high-growth market, establish a competitive advantage, and generate new revenue streams. It will also strengthen DNP’s position as an innovator in information security and digital identity.