Findynet Cooperative, a consortium of Finnish tech companies, financial services organizations, and the Kela social security agency, will use a €3 million government grant to develop a self-sovereign identity network aimed at letting participants securely store and discretely share information.
Initially, the project will have a strong focus on payments and other financial applications. But ultimately, Findynet’s aim is to have users storing various kinds of documents on the identity network, such as education credentials and professional certifications.
Interoperability is a key concern in the project, with administrators aiming to ensure that data can be stored across various digital wallet services. And they are designing the solution to comply with the European Union’s eIDAS regulations and to be compatible with the planned European Digital Identity Wallet.
“The trust network, which will now be built, promotes digital and human-centered data economies,” the Findynet Cooperative explains on its website. “This means that end-users manage their own data and can decide for themselves what information they share about themselves with different parties to preserve their privacy.”
Beyond the Kela Social Insurance Institution of Finland, participating organizations include Finance Finland, the Finnish Post, Nordea Bank, Nixu, Technology Finland, OP Financial Group, Vastuu Group, and Tietoevry. The project has a three-year timeline.
The Findynet Cooperative project has come to light alongside a separate announcement of a consortium comprising six European countries – Denmark, Germany, Iceland, Italy, Latvia, and Norway – aiming to develop a digital identity wallet for use across the European Union. Like Findynet’s proposed solution, the Nordic-Baltic eID Project will aim for compliance with eIDAS, and will initially focus on payments.