Blockchain Firm Nuggets Teams With LexisNexis To Launch SSI Solution For Banks & FIs
Blockchain payments and ID platform Nuggets has teamed with LexisNexis Risk Solutions to enable the implementation of self-sovereign digital identity (SSI) solutions.
Nuggets is a consumer blockchain application that gives users a single biometric tool for login, payment, and identity verification without sharing or storing private data. By combining a verified digital identity with a valid payment method, Nuggets solves many of the big problems in payments, and massively reduces the regulatory and reputational risks of data breaches. It cuts losses from fraud, false positives and fraudulent chargebacks. And it increases revenue. All with the privacy and security of blockchain.
LexisNexis Risk Solutions is one of the largest protectors of private and confidential data in the world. It harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. The company provides data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government.
The partnership represents a major tipping point towards self-sovereign identity and data – where consumers can take back control of their data and who has access to it. It is also the first viable solution for password-less login to online banking services. The goal of the partnership is to validate the benefits and strengths of the self-sovereign identity model.
“Effective solutions that can digitally identify and authenticate a person more quickly, more accurately and more securely, can have wide-ranging benefits for individuals, organizations and society as a whole, from reducing the time it takes consumers to acquire goods and services, to widening access and reducing fraud and money laundering,” said Steve Elliot, MD, LexisNexis Risk Solutions UK & Ireland. “It’s really exciting to think that innovations like these could help reduce the increasing prevalence of large scale breaches of consumers’ personal data. We’re really excited to be working with Nuggets to explore how SSI can help achieve those benefits whilst maximising data privacy and security for consumers.”
The companies have been working collaboratively since 2019, running discovery initiatives that have culminated in a joint go-to-market commercial arrangement.
“Customers need to take back control of their data. Relentless data breaches prove that the existing model of personal data storage is broken,” said Alastair Johnson, CEO & Founder of Nuggets. “Through this partnership, we’re helping to fundamentally change the way personal information is shared with and used by financial institutions and we’re enabling individuals and businesses to advance their privacy and security protocols for the benefit of all. We’re thrilled to be working with LexisNexis® Risk Solutions on innovations that have the potential to shape the future of this space.”
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