User:Wendy Wutao/sandbox

WeIdentity is an open-source project and one of FinTech products released by WeBank (one of members in DIF: Decentralized Identity Foundation) at 2018 claiming to provide a safe and efficient ecosystem for inter-institutional identity authentication and data cooperation through Blockchain platform: FISCO BCOS.

= Introduction = The WeIdentity project initiative comes from fact that more regulations have been in place in various jurisdictions (e.g. GDPR) to enforce the protection of personal data. Secondly, there is increasing need to restore user’s sovereignty on the use of personal data by organizations.

WeIdentity is designed to address the shortcomings of traditional centralized data model in organizations that could bring along such as exposure of data theft, data misuse/silos and inefficiency in exchanging data among organizations by decentralizing the management of identity and standardizing the exchange of verifiable data between organizations based on DID specification proposed by W3C and Distributed Ledger Technology.

= Concept = In the ecosystem of WeIdentity, each entity (a person or object) is assigned with a WeID (based on DID) which is universal and unique on the Blockchain. Once WeID is created, Issuer (the organization holding user’s data) can base on WeID to further attach user’s certificate (e.g. ID card, driver license or transcript) which its content is hashed and signed with issuer’s e-signature and then upload to the chain.

When Verifier requests the access of user’s certificate, User (Data owner), through his/her mobile device, could sanction the request and such approval will be stored on chain as audit trail. Once Issuer receives User’s authorization, it could send the original certificate contents to Verifier off-chain and Verifier could verify the correctness of certificate content against the hashed one on chain.

= Projects related: = In 2019 Feb, Macau government and WeBank have established a collaboration on Fintech using WeIdentity

= References = https://www.shine.cn/templink/19/02/28/40317/

https://www.dutenews.com/p/169701.html

http://www.macaubusiness.com/macau-agreement-signed-between-fdct-webank-and-cpttm-to-implement-blockchain-in-macau/