Daiwa Institute of Research Ltd. and Recept Inc. have signed a memorandum of understanding for a business partnership to provide self-sovereign digital certificate services.
1. Background to the conclusion of the business alliance memorandum of understanding
In recent years, the risk of personal information leaks due to unauthorized access or cyber attacks has been increasing. In response to this situation, the Personal Information Protection Act requires that when a personal data leak occurs and there is a risk of harming an individual’s rights and interests, a report must be made to the Personal Information Protection Commission and notification must be given to the individual.
Against this background, there is a growing sense of crisis about the risk of personal information leaks and an increasing burden on companies to manage personal information, leading to a growing need among both individuals and companies to avoid unnecessary exchanges of personal information.
However, currently, even if you only want to confirm a person’s name, you must present a driver’s license or other identification document, resulting in the disclosure of unnecessary personal information. There are attempts to limit the scope of disclosure, such as by submitting copies of identification documents with blacked-out parts, but this creates other problems, such as the hassle of blacking out parts and making it difficult to verify their authenticity.
To solve this problem, Daiwa Institute of Research and Recept aim to provide a “self-sovereign digital certificate service.” With this service, information from identity verification documents is digitized and stored on the user’s smartphone, and the user can select and submit only the minimum amount of identity verification information that needs to be disclosed. In addition, blockchain technology allows information handlers to verify the authenticity of the information they receive. This reduces the workload associated with limiting the scope of personal information disclosure while ensuring authenticity, satisfying the needs of both those who provide and those who handle personal information.
As the core company of the Daiwa Securities Group’s digital strategy, Daiwa Institute of Research has been providing high-quality and highly reliable services, including core systems for securities operations, and promoting business model transformation using cutting-edge technologies such as blockchain and AI.
Recept is a startup specializing in DID*1/VC*2 technology with the mission of “Becoming a company that changes history.” Its flagship product, “proovy,” is an integrated platform that enables the issuance, verification, and management of digital certificates through wallets. Since its service release in March 2024, it has been adopted primarily by educational institutions and certification issuing organizations, and has become the second company in Asia to obtain EBSI (European Blockchain Services Infrastructure*3) international certification.
Now, by combining the secure system development technology and blockchain technology that Daiwa Institute of Research has cultivated in the financial industry with Recept’s knowledge and services in the DID/VC field, the two companies have decided to promote the development of a “self-sovereign digital certificate service.”
2. Main contents of the memorandum of understanding
(1) Priority negotiations for the business development of self-sovereign digital certificate services
The two companies will engage in preferential negotiations to jointly develop a secure and convenient digital certificate service based on Recept’s “proovy.”
(2) Market development and establishment of business models
With the aim of raising awareness of digital certificates, the two companies will work together to promote the development of new markets and establish a business model that will become the industry standard.
- DID (Decentralized Identifier) is an identifier for realizing decentralized digital ID. Digital ID allows users to safely and independently manage their own identity in the digital space. Relevant credentials are stored in a digital wallet that the user manages, allowing selective disclosure of information. User-centric decentralized management is expected to improve the interoperability of digital IDs across organizations and borders, realizing a more flexible and secure digital identity ecosystem.
- VC (Verifiable Credentials) is a digital certificate that can be verified. Individuals can safely manage their own credentials and selectively present only the necessary information to the recipient. The recipient can easily verify the authenticity, realizing secure identification in the digital environment.
- EBSI (European Blockchain Services Infrastructure) is a blockchain-based infrastructure jointly established by the European Commission and European governments. Its purpose is to provide reliable blockchain services across the EU, promoting their use in a variety of fields, including digital IDs, educational certification, social security, and business transactions.
SOURCE: PRTimes
