At Finture, we try to keep up to date with what's new and offer great advancements. That is why we closely follow the start-up scene in terms of modern solutions. Our attention was drawn to Nuggets, with whom we decided to cooperate. What is Nuggets? In short, Nuggets is a platform for digital identity, authentication and authorization as well as payments. It’s the world’s most awarded self sovereign digital identity platform appreciated by Deutsche Bank, Payments Awards 2020, Booking.com and many others.
eIDAS 2.0 Directive has recently advocated the use of self sovereign identity and digital ledgers as the future by the European Commission in regards to trusted cross border services.
In the era of constant digital threats and frauds, the security of our data is becoming more and more important. Securing our digital identities, replacing passwords, and strengthening transactions becomes crucial.
In our current model for privacy and security, we rely on what we can remember (passwords), and what we have in our hands (devices), not what we can prove (our identity).
Something you know
Until recently, we relied on the so-called "Something you know", which mainly comes down to remembering the password and the user. And when the user did not remember the password, we asked him for the name of his childhood dog or his favorite color. But the real issue here is that you don't know who is behind the password or device. It must be admitted that it was not an ideal method of verification due to the volatility of memory and the problem with the possibility of discovering the password by unauthorized persons, through a data breach or social engineering.
However, the real issue is that you don't know who is behind those passwords, the payment, wallets or devices. They can be wielded by unknowns and therefore it’s not possible to truly trust them, which means huge risk for the business.
Something you have and something you are
So we went through "something you have" - for example: cards with codes to authorize transactions, but this method also turned out to be unreliable (the card can be lost/stolen/cheated for it). In connection with the implementation of the PSD2 directive, we are at the stage of more and more common combination of the two previous methods with "something you are", i.e. the use of authentication by biometric markers while maintaining the two previous methods. Single-sign on with a password and login is becoming more and more common, and later verification with biometrics. Nuggets took it a step further.
What we need is a verified identity that’s portable and transparent that allows you to prove who you are, enable access and serve as a non-custodial cache for your digital assets.
Nuggets moves towards enabling users to create a verified self sovereign digital identity that’s reusable and interoperable that can be trusted combining biometrics for the authorization and authentication of transactions and users.
By using a biometrically verified digital identity based on an unchanging blockchain connected to the payment source, Nuggets eliminates the risk of fraud and identity theft. And, perhaps most importantly, the identifier ensures that the person who logs in is the rightful owner and the service that connects the user to his bank operates in a secure environment. For verified IDs on both sides of the transaction, payment requests made outside of established channels cannot and will not be processed. This protects both sides of the transaction.
From the legal side, the platform is compliant with the GDPR and meets the requirements of the PSD2 directive and eIDAS 2.0.
Through the use of open standards and specifications including W3C Verifiable Credentials (VCs), Decentralised Identifiers (DIDs), and DIDComm Messaging (DIDComm). Nuggets truly enables global interoperability as a Self-Sovereign ID (SSI).
Nuggets’ solutions use cryptography, zero-knowledge proofs (ZKPs), and blockchain to create systems of identification that can be cryptographically proven without the need for centralized certification.
Nuggets is a white-label identity solution. Deploy it the way that makes sense for you and your customers. It integrates with compliance processes, payments and your customer experience.
Once you enable Nuggets there’s huge benefits including, improvements in compliance, operational efficiency, reduction in cybercrime and fraud and so much more. So if best in class customer experience is close to your heart, and you would like to work alongside your existing IAM and CRM solutions and create trusted verified self sovereign identity - Nuggets seems a great choice.