Picture credit: Truvity
Amsterdam-based Truvity, a Self-Sovereign Identification (SSI) platform, introduced on Wednesday that it has exited stealth and launched its first product — a platform with SDK and API that can facilitate the event of purposes that utilise SSI (Self-Sovereign Identification) applied sciences.
The corporate additionally disclosed that it secured €8M in funding from Artek Group PLC. It’s now rolling out early entry to its expertise.
Truvity’s CEO and co-founder, Konstantin Mashukov, says, “We encourage bold innovators, pioneering firms, curious researchers, and SSI fans to attempt our platform.”
“Begin constructing purposes with Prompt Belief underneath the hood powered by SSI applied sciences, bringing benefits for companies, governments, and residents. Preliminary entry will likely be free for early adopters, and we’re prepared to offer all the required assist,” provides Mashukov.
Truvity: Supply SSI toolkit to construct digital id
Based by Konstantin Mashukov and Denis Nagy, Truvity’s Self-Sovereign Identification toolkit permits customers to construct their digital id ecosystem.
This toolkit contains options resembling on the spot identification and verification, working on Self-Sovereign Identification rules.
With this strategy, people and corporations achieve full management over their information by way of their digital wallets, which home reusable verified credentials.
These verifiable credentials may be customary credentials like title, date of start, and deal with, or specifics like instructional diplomas or enterprise directorships.
They’re issued by numerous organisations, and establishments, and adjust to laws like eIDAS 2.0 within the EU.
This identification infrastructure will ultimately exchange conventional legacy databases and outdated techniques that retailer numerous buyer id paperwork scattered throughout totally different organisations.
Furthermore, it affords firms and people a transportable means to reuse their data, share it securely, and handle entry privileges.
Truvity says its platform is designed to make industries extra clear, safe, and agile.
By tackling the elemental problem of ineffective identification strategies and doc storage, Truvity addresses an important problem.
Conventional finance and decentralised finance (DeFi) sectors usually wrestle with prolonged and cumbersome processes, resembling “Know Your Enterprise/Know Your Buyer” procedures.
Truvity’s platform goals to streamline these processes by eliminating time-consuming handbook parts, boosting effectivity, and lowering compliance burdens.
Via the usage of reusable user-controlled data, quick and easy id verification may be achieved.
This strategy affords important advantages not solely to finance and DeFi but in addition to sectors resembling HR, insurance coverage, training, journey, social providers, and plenty of others.
Truvity’s SDK and API will enable for quick digital pockets growth, verifiable credential orchestration, and public key infrastructure.
The toolkit additionally contains embedded widgets for kind rendering in order that information necessities may be modified when wanted.
The general platform performance is versatile sufficient for all sorts of SSI-based purposes, even advanced B2B processes.
Truvity is a remote-first crew that emerged from Challenge Plato.
The investor
Artek Group is a enterprise incubation platform and providers supplier that helps fast-growing and forward-thinking firms throughout sectors and geographies.
The corporate invests in revolutionary early-stage startups and established corporations in monetary providers, monetary and regulatory expertise, SSI, and different industries.
Denis Nagy, Managing Director of Artek and Truvity’s co-founder, says, “In recent times, Artek and its affiliated firms have been instrumental in fostering and financing a variety of groundbreaking initiatives in fintech, regtech, and the digital id expertise sector.”
He continues, “Leveraging intensive analysis and growth efforts in these domains, Truvity has emerged as a cutting-edge SSI-focused API platform, which stays unparalleled in as we speak’s newly rising SSI market.”
