SingleSource, a startup that has developed a decentralised risk scoring and identity protocol based on blockchain, has secured a $318,000 Callaghan Innovation R&D grant to advance its decentralised digital identity and risk-scoring platform.
SingleSource said the grant, over a year, would help it research, design and implement new secure technologies, as well as fund the necessary development talent with specific knowledge and skills.
SingleSource uses blockchain technology from Centrality, which describes itself as "one of the leading, blockchain venture studios in the world, with a growing team of 90 people across Auckland, London, Melbourne and Singapore."
SingleSource is a founding member of Digital Identity NZ, a not-for-profit organisation set up by NZTech that brings together private and government organisations working to make digital identity easier and create a successful digital identity ecosystem in New Zealand.
The Government has committed $5.15 million for a two-year research project into digital identity, to be led by the Department of Internal Affairs.
SingleSource said information in traditional identity verification services and credit scores can be easily falsified or manipulated, and fraud lists or transactional data are fragmented across multiple organisations, preventing an individual's risk from being assessed in its entirety.
It aims to solve these problems through the creation of a decentralised risk scoring platform using blockchain technology, which has the advantage of storing transaction records in a distributed and immutable environment.
"Individuals’ digital identity and risk scores will be created, stored and accessed via this blockchain technology using SingleSource’s platform," SingleSource said.
SingleSource claims such a system will satisfy the needs of both individuals and businesses; control of digital identity remaining in the hands of the individual while enabling secure access to transparent, trusted data for financial organisations.
"Individuals can have faith that the information used to verify their identity and their risk profile will be accurate when used by financial organisations to make risk assessments while enjoying improved transactional experiences," it said.
SingleSource accredited by NZ and Aus Governments
SingleSource was accredited as a document verification service (DVS) gateway service provider by the Department of Internal Affairs in June, and by the Australian Government in November.
As a DVS gateway service provider, SingleSource is able to electronically verify identity documents including, driver's license, Medicare card, passport, visa and birth certificate with a government record and provide access to these for approved users.