JPMorgan Exploring Digital Identity Wallets in Web3
Major investment bank JPMorgan is exploring a future in “the new web” that would see users “freely traverse across digital realms in a trusted way, all using one digital identity in multiple places.”
More precisely, it is exploring the idea of a digital wallet, or a Web3 digital ID offering. It is not clear how far they've got in actually developing this solution.
Per its website, JPMorgan said that,
“Web3 demands a new way for us to interact with digital assets, protect our identities and access the Web3 economy.”
JPMorgan operates its enterprise blockchain Liink under a separate arm of the company known as Onyx. Liink, a centralized and permissioned type of blockchain meant for internal use, is described by JPMorgan as an “on-chain commercial bank payments solution.”
Onyx said in a video that it is working on transforming “the future of digital identity and digital assets,” where it would enable users to,
“Control your digital identity and all your digital assets using one digital wallet.”
The company, said the video, is exploring a digital future where users would be able to store, view, and share digital assets that are bound to their digital identity, all in one place.
Onyx argued that ownership and taking control of one’s digital identity are key in the transformation of online interactions that we are currently witnessing. It involves not only communication, but self-expression, as well as authentication of one’s identity, digital goods, valuables, and even memories.
Given that digital assets are increasingly more portable, and ownership more prevalent, a digital identity is necessary for a person to control their identity credentials – to prove one’s identity, and to do so by sharing only the information a person wants to
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