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 share, argued Onyx.
With the company's potential new solution, users would be able to choose the identity credentials they want to share in their online interactions, across Web3, decentralized finance (DeFi) protocols, the metaverse, and “beyond.”
The company’s video argued that it would be possible to protect one’s identity by, for example, using only the credit score for buy-now, pay-later options, and not revealing all personal information.
It will also be possible to prove ownership of non-fungible tokens (NFT) across different platforms.
The product would also enable content creators to move platforms and bring their community along.
Onyx stated in the video that the product is currently in development, but also added in a disclaimer that,
“The solution discussed herein is a proof of concept and not a live product. There is no guarantee that JPMorgan will offer the solution.”
Meanwhile, in September, JPMorgan announced that it was looking for a Web3 expert. They searched for a business development manager who would join the Technology, Media, and Telecom West Coast Team with a focus on companies in North America.
Just days ago, the bank hired Aaron Iovine, a former executive at bankrupt crypto lender Celsius.
JPMorgan had launched a centralized digital token known as JPM Coin in 2019.
Watch the full video here:
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