The partners say the platform, which will integrate Cambridge’s blockchain technology, will offer a trusted environment for businesses and consumers to exchange and manage personal data online in compliance with prevailing data privacy rules, notably the EU General Data Protection Regulation, which will come into force next year. The legislation is designed to increase protection for personal data while simplifying and making uniform requirements across the EU.

The platform will incorporate the ‘privacy by design’ principles outlined in the EU regulation to provide rapid onboarding, attribution, consent management and compliance services for individuals, companies and devices, offering full transparency and auditability of transactions, and accessible via user-friendly mobile and web applications.
Potential applications include client onboarding and know-your-customer due diligence for financial service providers, as well as personal data sources such as health records and Internet of Things devices. LuxTrust and Cambridge Blockchain expect to attract up to 500,000 users.

Cambridge Blockchain CEO Matthew Commons described Luxembourg as “the ideal place” to launch the digital identity platform, saying the partnership will bring together LuxTrust’s current services such as authentication, signature and document management with Cambridge’s blockchain-based enterprise software.

LuxTrust provides digital identities for a range financial and governmental applications to enable secure and compliant authentication and electronic signing. The organisation currently manages digital identities for Luxembourg’s entire population and business community, and is expanding internationally, recently announcing a partnership with video identification services specialist IDnow to offer remote identification services, enabling the provision of digital identities and electronic signatures to remote end-users anywhere in the world.