DIMS envisions a decentralized Pan-European platform for identity information in the digital age. It enables an identity solution with the power and trust of distributed ledger technology, the principles of self-sovereignty and in compliance with the relevant EU legislation GDPR, eIDAS, and PSD2.
European service providers as well as European citizens will benefit from the integrated solution of the self-sovereign identity management system. On the one hand, for financial institutions to cut costs on how to verify customer data to provide public services that will work across borders. On the other hand, for citizen to have a one-stop solution for their digital identity information. DIMS will support a regulated exchange of identity information among European service providers.
Creating a self-sovereign identity (SSI) solution based on the Sovrin-ledger (Hyperledger Indy), in order to speed up KYC procedures by banks and other markets. The solution will create a network of trusted partners accepting each other’s data backed by cryptographic strong SSI, while the data is authorized by the EU- citizen, the identity holders. DIMS creates a ledger-based trusted market for identity data. The domain agnostic approach will provide less integration efforts for future SSI consumers and providers.
The eIDAS regulation ensures that people and businesses can use their own national eIDs to access public services in EU countries. The eIDAS network can be regarded as a KYC source. However, it can vary how these data can be accessed, whether the governments provide them for free or charge the identity holders or verifiers. Soon PSD2 will come into force, which enables the banks to access customer information upon their consent. Sovrin currently discusses the introduction of value exchange between the three roles within the SSI solution, i.e., the issuer, the identity holder, and the verifier, based on a ledger specific Sovrin token.