LuxTrust, together with a Massachusetts-based startup and the support of the Luxembourg government, is building a new Blockchain ID platform.
Announced today, the project sees also the participation of the US startup Cambridge Blockchain.
Luxembourg owns two-thirds of the LuxTrust company, and the rest is handled by a consortium of banks and financial institutions that utilize the service itself.
LuxTrust is now working on how to integrate the blockchain, paving the way to its 500,000-strong subscriber base to use the distributed ledger in some capacity.
According to Matthew Commons, CEO of the Cambridge Blockchain, this partnership was born thanks to an initial conversation about blockchain ID.
“By combining LuxTrust’s current certified services such as authentication, signature and document management with our innovative blockchain-based enterprise software, our collaboration will deliver the future of digital identity for Europe and beyond,” he explained to Coindesk.
The Blockchain ID platform will be rolled out during the next few months, in what Commons called something like a “soft launch”.
He explained that one of the most important reasons for the creation of the Blockchain ID platform is the data-centric regulation (including the European General Data Protection Regulation) that are due to come in mid-2018.
“Working with Cambridge Blockchain allows us to augment the scope of identities, including any attributes, and will enable users to share personal data fully respecting the increasingly stringent European regulatory framework,” commented LuxTrust’s CEO, Pascal Rogiest.
Back in February 2017, the Cambridge Blockchain company raised $2m in a funding round, receiving support by VC firms Partech Ventures and Digital Currency Group. Commons also explained that his startup wants to complete a new Series A round by the end of 2017.
That said, we’re very happy to read about the Luxembourg government involvement in a blockchain-related project since HolyTransaction is based here.
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