The Linux Foundation has announced a new data privacy project featuring dozens of cross-industry giants like Mastercard and IBM.
Dubbed as the ToIP Foundation, the new data trust coalition aims to provide a trusted exchange of data over the internet and establish a global standard to ensure digital trust.
On May 5 Linux Foundation made an announcement stating that the ToIP Foundation’s participants include a wide list of companies, governments, and nonprofits across industries like finance, enterprise software, and health care.
Among, the Founding members includes:
- IBM Security and Accenture
- The Province of British Columbia
While the contributing members features:
- Blockchain consortium R3
- The University of Arkansas
- Online lending platform Kiva
Abbas Ali, head of digital identity at R3, highlighted that R3 is highly committed to the development of secure, trusted and privacy-preserving digital identity ecosystems while noting that R3’s open-source enterprise blockchain platform, Corda, is able to unlock private transactions:
“Our Corda platform is designed to enable private transactions, and by incorporating the work of the ToIP Foundation, we can develop solutions uniquely suitable for self-sovereignty in the digital world.”
Ali says that the firm is not looking to implement Corda within the ToIP explaining:
“R3 is supporting the industry initiative and ensuring Corda works with the standards that are coming out of the ToIP foundation/standards that are being defined or set by ToIP.”
Linux Foundation’s executive director Jim Zemlin says that the new initiative hopes to enable a new level of digital identity and verifiable data exchange.
Zemlin outlined that the mission of ToIP Foundation is to “provide the digital trust layer that was missing in the original design of the internet” and trigger a “new era of human possibility.”
The new data privacy project aims specifically to help businesses protect and manage digital assets and data in a complex enterprise environment involving systems like the Internet of Things and artificial intelligence.
To address these challenges, the ToIP Foundation plans to use digital identity models that use interoperable digital wallets and credentials and the new W3C Verifiable Credentials standard.