Wipro Lab45, the innovation lab of the leading technology services and consulting company, Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), today announced the launch of its Decentralized Identity and Credential Exchange (DICE) ID, which puts users in control of their personal data and enables faster, easier and secure sharing of private information online.
Powered by blockchain technology, DICE ID enables issuance and verification of tamper-proof, self-verifiable digital credentials. DICE ID stores verified personal information from certified issuers in an identity wallet owned by the user. (See video)
All data is encrypted and embedded and only received by the user in their own identity wallet. This digital wallet can be used to share identity or credentials for a wide range of purposes—including current or potential employers, healthcare or financial services providers, or educational institutions. DICE ID puts users in control of their personal data, enabling them to decide exactly how much and what type of information they want to reveal in digital settings.
“DICE ID leverages the core tenets of blockchain technology to transform the way consumers manage their online identities,” said Subha Tatavarti, Chief Technology Officer, Wipro Limited. “Current online identification relies on the use of single sign-on services, requiring users to share personal data with multiple third-parties. DICE ID gives the power back to the individual, making it easier and safer than ever to manage sharing of personal data on digital platforms. We believe decentralized identity and verifiable credentials technology will become a game-changer resulting in a metamorphosis of the identity space. And we are thrilled to be at the forefront of this innovative technology.”
DICE ID leverages W3C (World Wide Web Consortium) verifiable credential open data model, which makes credentials machine-readable and interoperable and allows for secure exchange between ecosystem players.
Piloted by select clients since September 2022, DICE ID is already being applied in many ways, particularly proving powerful in credential verification for talent/crowd sourcing purposes.
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Among the use cases for DICE ID are:
· Ed-tech organizations, colleges, and crowdsourcing communities are using DICE ID to create a talent exchange ecosystem through portable skill credentials for learners and freelancers.
· Fintech and financial institutions are using DICE ID to handle user’s consent and share their data while preserving their privacy and confidentiality.
· Health-tech startups are using DICE ID to safeguard medical data, enhancing patients’ trust on their platform.
· Government-affiliated institutions are using DICE ID to help citizens prove their eligibility for benefits and other social schemes.
· Metaverse platforms are using DICE ID to create Sybil-resistant communities through pseudonymous identities for avatars.