SSI Incubator Project Begins for Tech Startups
An international cohort of digital innovators are taking place in the first Self-Sovereign Identity Incubator, being held by Sovrin Foundation and Hard Yaka investment fund. The aim of the project is to give four teams the chance to develop and fast track their technology using Self-Sovereign Identity.
A twelve week course based in San Francisco, followed by as US$180,000 investment has been won by four companies, out of around 100 applicants.The selection process was focussed on finding companies working with customer, products, and services using decentralised identity systems.
SSI is a concept that every individual or company should have control over their own data and be able to share it online as and when necessary without a third party intermediary. It presents opportunities to store identity data in a block on a blockchain and use this for identity verification when interacting with a bank, for example.
Hard Yaka founder Greg Kidd explained, “if a solution can improve the customer experience and tackle real identity challenges or opportunities, we then look to supersize it. The result is a positive collision of scale and innovation. And for a technology like SSI that’s attracting more and more companies seeking to solve the identity problem, innovation speed matters.”
The four companies that have been selected to take part in the incubator are
- Domi, who are working on a project to give tenants and landlords a digital passport, based in Berlin
- MetaDigital Inc, a Toronto based company working to reduce health insurance and medical prescription fraud
- Spaceman ID Inc, operating out of Chicago and developing tools to help businesses implement private, secure, and portable digital credentials
- Xertify, using blockchain technology to allow institutions to exchange trusted information with individuals
“The work these companies will undertake at SSII will have a far-reaching impact beyond the identity community. From housing to education to healthcare to overall enterprise adoption, these startups have the opportunity to replace outdated systems of digital data exchange while respecting individual data rights,” said Sovrin Foundation Chief Executive Officer Heather C. Dahl.