Partnership between InfoCert and Algorand: together to create a digital identity ecosystem based on second-generation blockchain
Thanks to the Algorand Standard Assets, the DIZME decentralised digital identity platform will guarantee swift, fluid and secure credential monetisation processes
Rome, 5th November 2020 – InfoCert (Tinexta Group), the largest Certification Authority at European level, and Algorand, a latest generation blockchain platform, announce a partnership for the integration of the Algorand Standard Assets (ASA) in Infocert’s DIZME platform. The aim is to create fluid and transparent monetisation processes.
The DIZME platform’s ability to leverage the ASA functionality will enrich the latter with a Medium of Exchange (MoE). As a result, it will be possible to use the Dizme Token to securely and swiftly manage the payment of credential exchange micro-transactions. In this way, the actors will operate in a digital identity ecosystem based on second-generation blockchain with low usage costs and maximum stability.
“Making DIZME a distributed identity ecosystem, where owners do not only exercise full power over their credentials, but also benefit from a rewarding remuneration system without the need for intermediaries: with Algorand we provide the best blockchain technology based on standards for achieving this objective, ensuring the secure and swift monetisation of exchanged credentials. We are convinced that this partnership is not only a fundamental step for the further development and dissemination of DIZME, but may evolve to support our commitment as facilitators of digital transformation at global level”
“The self sovereign identity solution that InfoCert brings to the expanding Algorand ecosystem is a critical component,” said Steve Kokinos, CEO of Algorand. “We are excited they have selected Algorand as the platform of choice and believe their offering provides an ideal alternative for a centralized solution for personal information, something that the internet has not been able to solve for.”
(Daniele Citterio, CTO of InfoCert (Tinexta Group))
DIZME AND ALGORAND
DIZME is the decentralised digital identity platform designed by InfoCert and technologically implemented by its investee eTuitus, a University of Salerno spin-off. It integrates the SSI (Self-Sovereign Identity) world, based on blockchain technology, with eIDAS regulatory compliance, aggregating the mutual benefits: a distributed digital identity but with full legal validity. DIZME Partners (issuers) selected by InfoCert for their ability to contribute to the network’s growth with their own sets of credentials, third parties (verifiers) wishing to use DIZME credentials within their processes and, of course, internet users (owners) as the data subjects are part of the DIZME Trust Community.
Algorand – founded by Silvio Micali, a professor at the Massachusetts Institute of Technology (MIT) and winner of the Turing Award which is often referred to as the “Nobel Prize of Computing” – is a blockchain platform that exceeds the limits of first-generation blockchain. Through “Pure Proof of Stake”, the innovative consensus-building system enables the creation of a highly-scalable, decentralised and secure digital transactions register, while the Algorand Standard Assets (ASA) make the “tokenisation” (i.e. standardised digital representation) of any type of asset possible, including currencies, coins and stablecoins.
InfoCert, Tinexta Group, is the largest European Certification Authority, active in over twenty countries. The company provides services in digitisation, eDelivery, Digital Signature and digital preservation of documents and is an accredited AgID digital identity operator in the area of SPID (Public System for the management of Digital Identity). InfoCert invests significantly in research and development and in quality: it holds a substantial number of patents while the ISO 9001, 27001 and 20000 quality certifications bear witness to the highest-level of commitment in the provision of services and security management. The InfoCert Information Security Management System is ISO/IEC 27001:2013 certified for EA:33-35 activities. InfoCert is a European leader in the provision of Digital Trust services that are fully conformant with the requirements of the eIDAS Regulation (EU Regulation 910/2014) and ETSI EN 319 401 standards. The company aims to increasingly expand at international level, including through acquisitions: it holds a 51% stake in Camerfirma, one of the principal Spanish certification authorities, a 50% stake in LuxTrust, a leading Digital Trust company in Luxembourg, and a 16.7%stake in Authada, a leading-edge German Identity Provider. Finally, InfoCert owns an 80% shareholding in Sixtema SpA, the technological partner of the CNA (National Confederation of Italian Artisans and Craftsmen and Small and Medium-Sized Enterprises), which provides technological solutions and consultancy services to SMEs, traders’ associations, financial intermediaries, professional firms and entities.
Tinexta, listed on the STAR segment of the Milan Stock Exchange, has reported the following Consolidated Results at 31 December 2019: Revenues of Euro 258.7 million, an EBITDA of Euro 71.3 million and a Net Profit of Euro 28.8 million. Tinexta Group is one of the leading operators in Italy in three business areas: Digital Trust, Credit Information & Management and Innovation & Marketing Services. Through the companies InfoCert, Visura, Sixtema and the Spanish company Camerfirma, the Digital Trust Business Unit provides products and solutions for digitisation: digital signature, digital identity, onboarding of clients, electronic invoicing and Certified Electronic Mail (PEC) for large companies, banks, insurance and financial companies, SMEs, associations and professionals. InfoCert is the largest Certification Authority in Europe and, in 2018, acquired a 50% shareholding in LuxTrust. In September 2020, it acquired a 16.7% stake in Authada, a Digital Identity Provider with leading-edge technologies based in Darmstadt, Germany. The Credit Information & Management Business Unit, Innolva and its subsidiaries offer services to support decision-making processes (chamber and real estate information, aggregate reports, synthetic ratings, decision-making models and debt assessment and recovery) while RE Valuta offers real estate services (surveys and appraisals). In the Innovation & Marketing Services Business Unit, Warrant Hub is a leader in low-interest financing and industrial innovation consultancy and Co.Mark provides consultancy on Temporary Export Management to SMEs in order to support them in expanding their business. Group personnel totalled 1,293 employees at 31 December 2019.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. For more information, visit www.algorand.com.
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