- Venafi’s initiative allows the creation of a solution to apply Self-Sovereign Identities based on IOTA with filancore.
- The solution for verifiable credentials can be accessed via Venafi’s marketplace.
Filancore CEO Markus Soppa revealed yesterday a credentials verification and decentralized identity creation solution based on IOTA. Created through a Venafi initiative known as Machine Identity Management Development Fund, the solution has been conceived as a bridge between the Self-Sovereign Identity (SSI) ecosystem and its users.
Venafi is a cybersecurity company that creates software to protect cryptographic keys and digital certificates. The company has created authority certification products such as Transport Layer Security (TLS) and Secure Shell (SSH). Venafi’s solutions are used by companies such as Microsoft and organizations within the Global 5000.
IOTA revolutionizes the concept of identity
The filancore solution allows companies to create their own identities and register them using the IOTA distributed ledger. The identities can be verified using Venafi x.509 certificates, as Soppa stated:
(…) the software requests a certificate from Venafi, and then converts that certificate into a verifiable credential.
The filancore and Venafi solution allows its users to manage a device by giving it an identity. This also allows the user to protect the device against falsifications. The certified devices can communicate through different platforms or networks and make the Internet of Things (IoT) experience more secure. Furthermore, Soppa highlighted the following:
Using SSI, they can not only provide their machines with a decentralized and secure identity but also cover authentication and authorization through verifiable credentials issued on top of these identities.
The company led by Soppa has set out to create a product that not only allows decentralized identifiers to be used in a versatile ecosystem but also aims to have its product applied to any scenario within the Industrial Internet of Things. Decentralized identifiers operate as follows:
[…] enabling us to sign arbitrary claims and prove those claims towards third parties. These claims are called verifiable credentials and can be used to identify and sign any declarative statement whatsoever. That’s a really powerful concept because the applications are so broad.
The solution is already available and can be accessed via Venafi’s Marketplace. The filancore team will offer more details about its operation in the upcoming days.
Under the Machine Identity Management Development Fund, Venafi is investing $12.5 million to expand its ecosystem. In addition, the initiative is a means to support developers and create solutions that “accelerate innovation” in distributed applications, Internet of Things (IoT), micro-services, and cloud services, among others.