CPQD ID allows user control of data. Image: Analogicus, Pixabay.
The digital identity created by the CPQD (Center for Research and Development in Telecommunications) will be part of the test program for the use of digital real, which starts on the 28th and should last four months. The case involves the so-called delivery by payment (Delivery versus Payment, DvP) with digital assets. It is an initiative of the Bitcoin Market, in partnership with CPQD, Bitrust and ClearSale.
DvP is the financial asset settlement format. Basically, it means that an asset only happens after a payment. But, there is a financial institution intermediating this, to reduce risks, that is, the asset is delivered through the bank when the money is deposited and then delivered to the seller. But with blockchain it is possible to do all this without intermediaries, making the delivery of the asset and payment in a transparent and practically immediate way. And this is where blockchain changes this process in the industry.
The CPQD iD that the group will use in the Lift Challenge, the digital real testing program, is decentralized, on blockchain. And it works as a service for the creation, verification, digital signature and customization of decentralized digital identity for people, organizations, assets and things, says Fernando Marino, technical responsible for Blockchain products at CPQD. “The objective is to provide a reusable, secure, password-free identity that adheres to the General Law for the Protection of Personal Data (LGPD)”.
The solution, according to CPQD, serves other industries. And it allows the user to keep possession of their data, “which can be shared securely and with a high level of privacy”, says Érico Paz, responsible for product marketing of Blockchain solutions at CPQD.
According to Fernando Marino, technical officer for Blockchain products at CPQD, “the objective of the solution is to provide a reusable, secure, password-free identity that adheres to the General Law for the Protection of Personal Data (LGPD)”.