In order to develop solutions focused on digital identities, the Banque de France called on several players working in blockchain technologies. They will carry out experiments to improve the verification processes of credit institutions.
The Banque de France is experimenting with digital identities
Last July, the Banque de France launched a call for contributions concerning a digital identity project. More generally, the problem revolved around the digitization of processes “authentication of credit institutions“.
These developments on digital identities are carried out by “Le Lab”, namely the Banque de France innovation laboratory. Moreover, the latter indicates that these experiments could also be used for “work around central bank digital currency“.
👉 To go further – Learn more about decentralized digital identities (dID)
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The selected winners
To carry out this work, three winners were selected. Let us first mention a collaboration between Orange and IN Groupe, i.e. the Imprimerie Nationale, in charge of printing official documents such as passports or identity cards.
Then comes Qaxh.io, a blockchain technology specialist born out of a working group within BPCE, a banking group made up equally of Banque Populaire and Caisse d’Épargne. Finally, we find Archipels, a French startup specializing in technologies related to decentralized digital identity (dID).
Hervé Bonazzi, CEO of Archipels, expressed his enthusiasm for this partnership with the Banque de France:
“We are very happy to support the Banque de France on the vast subject of the authentication of credit institutions. We are confident in the ability of blockchain technology and our decentralized identity management platform to secure interactions and exchanges of critical data between banking establishments. »
Thus, one or more projects may result from this association between these actors, each working on blockchain solutionswhich shows once again that these technologies are of interest to access the digitization of finance.
👉 Read also – MNBC: Bank of Spain launches wholesale digital currency project
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Sources: Banque de France, Archipels
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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