Are you curious about what our team has been doing over the past months? Besides our regular activities, we also have qualified for the second round of the eSSIF-Lab Business-Oriented Programme, which concluded at the end of February. While we wait for the results to see if we reached the competition’s final stage, we can share the development and our solution’s progress with you.
Let’s start at the beginning. Namely, the eSSIF Lab Business-Oriented call deals with implementing SSI technologies and is structured in three competitive stages. The competition includes business and technical support to help teams develop and integrate SSI technology to boost its adoption to the market.
But why are SSI technologies so important? Due to their improved ability to help individuals identify online in a secure and privacy-preserving manner, SSI technologies provide an alternative to centralized ways to manage e-identities prevailing today. The difference is that SSI technologies allow online users to collect and share personal information themselves and thus act in a completely different way than is usually the case today when large companies own personal data and share it for marketing purposes.
As we are only beginning with adopting such solutions, the ecosystem is small, and companies tentative of testing them. We also cannot ignore the fact that by far, the most popular authentication methods today are those offered by Google, Facebook and other tech giants. Still, it is not without warning that they all collect user data in a centralized manner and are at the same time exposed to significant security risks.
The service we are developing within the eSSIF Lab Programme is called MyNextID, as it aims to accelerate the development and use of next-generation identities in e-services. MyNextID tends to bring SSI closer to companies by acting as a link between the entire ecosystem and enable users to operate more securely online. On the one hand, it connects current SSI providers and allows companies to implement their solutions faster and easier from a single point and under the same denominator (OIDC protocol).
You can see more in the video we made as part of the competition, where we also explained our vision to introduce SSI innovation in business through an established standard (OIDC), which is already well known to everyone and can enable SSI faster adoption.
During this time, all teams have worked intensely on completing their business solutions and presenting design mockups and prototype.
We have also researched how MyNextID responds to various conditions and applied several key functions. We had also taken a deep dive into market potential and target groups and defined a go-to-market strategy and business model. What is more, we interviewed possible clients to learn what technical features are essential to their business and researched competitors and existing offerings in this field.
Testing between entities tha successfully finished TEST 1 and TEST 2.