Tecnoinvestimenti Group invests in the Blockchain technology through one of its companies.
Rome, 22 September 2017 – InfoCert, the largest Certification Authority in Europe and part of the Tecnoinvestimenti Group, announces its participation in the project of the Sovrin Foundation, a nonprofit organization based in the USA, for the launch of the Sovrin Network, the world’s first distributed and decentralized digital identity management System (self-sovereign digital identity). InfoCert is one of the founding members of the Foundation, as well as the first Certification Authority to join the project.
The Sovrin Network is based on blockchain technology also called “distributed ledger”. Innovative and disruptive, this system aims to allow individuals and organizations to create digital identities which can be managed in absolute control and regardless of governmental bodies, institutions or organizations.
The participation in the network is part of the R&D initiatives of InfoCert, which devotes in this area significant investments, on average about 6% of annual sales.
Instead of being based on a single system with a central administrator, the distributed ledger is managed in a cooperative mode by a global pool of participants and identity records are stored redundantly at different nodes. The result is a reliable and shared source of truth, resilient to hacking and service issues.
The network is offered as a free public resource and any entity can develop fast, protected, and secure identity applications upon it. The Sovrin Network is active and is managed on validator nodes hosted by the “stewards” which are appointed by the Sovrin Foundation, as is the case with InfoCert. The stewards must agree to the Sovrin Provisional Trust Framework and have the task of assigning the digital identity to the participants.
In addition, stewards are appointed by the Sovrin Foundation to ensure the reliability and trust of the network: unlike other distributed networks based on blockchain technology, Sovrin network is a “permissioned network”.
“Digital trust and innovation are our core business, which is why we are part of this initiative,” says Carmine Auletta, Chief Innovation Officer of InfoCert, company that manages every year over 300 million of digital transactions in Trust Services. “Today Certification Authorities like InfoCert are playing a key role in managing digital identities. Blockchain in the future could empower people but also companies or even objects to effectively manage, control and rule their own identities. We look forward to testing such promising technologies and finding ways to bring real value to our customers”.
The Sovrin Network’s business model is linked to the process of managing identities and on the transactions managed on the node.
To date, there has been a trial version of the platform released in September 2016, with the establishment of the Sovrin Foundation. With the current release of the entire network, digital identities can be included in the “ledger” of Sovrin and the developers can start implementing solutions based on the use of distributed identity.
“The promise of a global system of public identity that gives anyone control over its digital identity and the absolute confidence in the identity of counterparties is now finally becoming reality,” says Phillip j. Windley, President of Sovrin Foundation. “Since the advent of the internet, there has been a strong sense of lack of a “self-sovereign” identity. Thanks to the development of distributed ledger/blockchain technology and the performance and privacy feature implemented by Sovrin, it is now possible to overcome this incredible gap due to the architectural design of the internet.
Windley believes that the killer application of Sovrin Network will be the online exchange of identity declarations as well as claims by third parties, which will work just like physical credentials in the physical world. These statements allow remote identification of personal identities which remain under the control of the registrant but are valid and safe at least as the physical display of traditional identity documents.
Infocert, Tecnoinvestimenti Group, is a leader of the Italian market of digitization and dematerialization services as well as a leading Certification Authority at European level for the services of certified mail, digital signature and digital preservation of documents. Infocert is digital identity Manager credited AgID of citizens and businesses within SPID (public system for Digital identity management). Infocert is expanding its operations internationally and in 2016 it sold its digital transformation services in more than ten foreign countries.
Infocert invests significantly in quality and research and development. The company holds a significant number of patents while ISO 9001 quality certifications, 27001 and 20000 demonstrate the commitment at the highest levels in the provision of services and security management. Information security management system InfoCert is certified ISO/IEC 27001:2013 for EA activities: 33-35. Infocert is a Provider of Digital Trust services fully comply with the requirements introduced by regulation and IDAs (EU regulation 910/2014). In particular, the company has been certified by Qualified Trust Service providers, confirming that your service delivery processes are compliant with the standards ETSI EN 319 401. In 2017 InfoCert resulted in 80% its share of shares in Sixtema, the world’s technological partner CNA, which provides technology solutions and consulting services to SMEs, associations, financial intermediaries, professionals and organizations.
Infocert also acts as a European Certification Authority and is an Identity provider accredited by the Italian Government. The Business Unit Credit Information and Management, in which companies and their subsidiaries, Ribes, Assicom offers services to support decision making as certified information, aggregated reporting, synthetic rating, decision models, with particular reference to the scope of delivery and recovery of the claim. ReValuta offers real estate services, including assessments and evaluations. The Business Unit Sales and Marketing Solutions, through the company Co. Mark, offers solutions and tools to organize the business activities of small and medium-sized companies toward geographical expansion, even across borders. The Tecnoinvestimenti Group has a turnover of €147.3 million and an EBITDA of 2016 €29.7 million and net income of €12.1 million. Net profit adjusted for non-recurring items and amortization recognized for business combinations is equal to €15.9 million. It is listed on the stock exchange in the STAR segment of the Milan Stock Exchange.
The Sovrin Foundation, a non-profit international organization, is governed by a Trust Framework of a constitutional type that ensures its independence from the influence of Governments and industries and confirms its commitment to providing a digital identity self-sovereign in everyone. The network Sovrin is administered by independent managers, called stewards, and uses the power of a technology “distributed ledger” hybrid which fasts and secure framework, to provide each person, organization and connected device an identity permanent with which to carry out online transactions and operate safely in everyday life.
Click here to learn more about the Trust Framework that underlies the network Sovrin.