Today marks a landmark day for Yoti. We’ve been selected by the Improvement Service in Scotland to help transform local and regional services. We’ll give Scottish residents an easier and safer way of proving their age and entitlement to access a wide range of services, rewards and discounts. What does this mean for Scottish citizens? They will be able to leave valuable ID documents like their passport, driving licence, and other existing forms of identity safe at home, and prove who they are using Yoti. Scottish residents will, in the future, be able to use Yoti to: Prove who they are to businesses without showing or photocopying paper documents Prove their age on nights out and when buying age-restricted goods Prove their entitlement to use local services, including leisure and sports facilities Show their age on transport services to qualify for travel concessions Confirm the identity of people they meet online Log in to websites more securely without passwords Securely access online public services by applying for a myaccount Verified digital identities will help transform local and regional services as businesses and government bodies have confidence individuals are who they say they are; creating more trust and transparency in the details shared. Sarah Gadsden, the Improvement Service’s interim CEO said, “We anticipate smartphone ownership will continue to grow and as technology evolves and mobile usage increases, we’re committed to maximise the use of secure mobile and digital technology to deliver information and services to citizens. Yoti will help us and our partners in the drive to transform essential public services and improve outcomes, meet our own and wider aspirations to deliver more information online, and give individuals a safer and more convenient way to prove their age and entitlement to access services. We selected Yoti due to their innovative, user-centric, secure and privacy-by-design approach.” This is just the start of a great partnership in Scotland. We hope businesses and individuals will benefit from digital services for many years to come.
Yoti and LedgerState showcase how next generation blockchain technology can transform the way governments handle personal data
Yoti and LedgerState today showcased at the World Economic Forum how governments and other organisations can capitalise on evolutions in blockchain technology to store personal data of their citizens and customers. Yoti, the digital identity platform, lets people create verified digital identities through their free smartphone app. The app uses facial recognition technology and a security team to match facial biometrics to approved photo IDs. These digital identities can then be written to a private ledger using an evolution of blockchain technology called Hashgraph. Hashgraph uses an asynchronous process, meaning it is not reliant on the proof of work systems required by a synchronous solution like public blockchain solutions. This speeds up the process and makes it more suitable for identity and payment platforms. The proof of concept showed how an individual can verify themselves to a government database and then have additional attributes attached to their identity by an approved official. This could be sensitive information like a tax code or a health insurance number. Those details are then written to a secure, private distributed ledger that can only be accessed by approved officials. This gives governments (and indeed other organisations) the ability to take advantage of the benefits of blockchain technology and its immutable records without having to compromise speed, cost effectiveness and efficiency. Robin Tombs, founder and CEO of Yoti said: ‘Yoti can work well with first and second generational public blockchain technologies like Bitcoin and Ethereum for some elements of our identity platform, like KYC. However, third generation technologies like the Hashgraph can handle the requirements of a global identity platform authenticating millions of users each day at the required low transactional costs. Most consumers will currently tolerate a KYC Verification completing in a minute or two, but not for log in or payment which need to be almost instantaneous. Permission-based networks leveraging new asynchronous protocol technology like LedgerState’s use of Hashgraph, let Yoti take advantage of the many benefits of a distributed ledger solution whilst not compromising on the effectiveness of our identity platform.’ Nino Vang Vojvodic and Damir Yandrich, founders of LedgerState said: ‘Now there are finally tools and systems available for governments to grant a higher level of Sovereignty to their citizens. Early implementers will gain significant advantage when it comes to attracting the best talent and people to their citizenship or residency.’
Yesterday the FCA revealed the next round of successful firms in its regulatory sandbox. We’re proud and excited to say that Yoti is one of those companies, along with Barclays, Nationwide, First Direct and Solidi, to name a few. The FCA Sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring appropriate protections are in place. It’s a fantastic way to encourage innovation in financial services. Yoti’s involvement in the sandbox We will be using the sandbox to test consumer’s appetite for our innovative form of KYC, which lets people prove their identity via our digital identity app. Individuals can prove their identity in seconds without having to rely on paper documents, and financial services companies can benefit from fast and accurate KYC, as well as save time and money when verifying the identities of their customers. Every Yoti account is linked to a government-issued identity document and personal biometrics so businesses can be confident the details shared with them are real. When an individual shares their information using Yoti, they see which identity details are being requested and give their consent to share them. They also receive a digital receipt so they can easily keep track of who they have shared details with. Some businesses still believe they need to see an actual image of the identity document to be compliant. We want to demonstrate a data minimisation approach to KYC, encouraging firms to only request the details they actually need from their customers, which is both compliant and better for individuals. If you’d like to know more about our involvement with the FCA Sandbox, please get in touch.
Yoti has been named as one of the South East’s most visionary digital companies in the inaugural ‘Digital Innovators Power List’ launched today by international law firm Bird & Bird LLP and London-based news brand, City A.M. Revealed last night at a launch event hosted at Bird & Bird’s dynamic new space at 12 New Fetter Lane, London, and launched today on CityAM.com, the Power List identifies 20 companies based in London and the surrounding areas in the media, health tech, fintech, ed tech and cybersecurity and identity sectors that are leading the way in digital innovation. The shortlist was agreed by City A.M., Bird & Bird and supporting partners digital association Digital Catapult, tech PR agency Hotwire PR and information platform Springwise – after careful consideration on which companies, in their respective sectors, have the most captivating stories of innovation, are setting rather than following trends, demonstrate the most revenue potential, are home grown businesses and are creating a buzz in social media. Yoti will participate in a series of quarterly events hosted at Bird & Bird over the course of the year, where panels featuring representatives from the companies on the Power List will give their perspectives on the factors driving digital innovation in the City and how their creations are transforming everyday lives.
The 2016 Cyber Security Awards rewards the best individuals, teams and companies within the cyber security industry. Excellence and innovation are core themes, throughout all categories. We won ‘Cyber security start up of the year’ award With Yoti, smartphone owners will be able to prove their age with their phone, use selfies instead of passwords and instantly know who they are really talking to online and in person. Judge Karla Jobling said “the competition to be named as a winner this year was especially tough. We saw some well-known individuals and companies enter, as well as a range of innovative products. It was great to celebrate with all the finalists at the well-attended event.” The Cyber Security Awards dinner was held at the Chelsea Harbour Hotel on Thursday 23rd June. For a full list of the winners, click here.
We are very proud to announce that Yoti went on to win in the category of ‘Next Generation Ecosystem’! The 2016 Contactless & Mobile Awards honour achievements across a wide range of sectors and countries throughout Europe and further afield. This is the tenth anniversary for the awards and this year the organisers felt that it was time to do a consolidation of award categories to reflect the ever-changing face of the industry. “Many of the categories were becoming too similar,” commented Steve Atkins, Editor-in-Chief of Contactless Intelligence. “At the same time we wanted to shine a light upon new areas for growth including Bitcoin payments and the blockchain. We hope that having a category such as Next Generation Ecosystem will also draw attention to the fact that some of this ‘new’ technology could soon be underpinning ‘older’ technology.” (Duncan Francis & Paco Garcia on the night. Looking suave, guys!) This year’s CMA champions accepted their trophies at a gala dinner at Tower Bridge Hilton, London, on April 26, 2016. You can find a full list of the winners here.