Friday, 16 June 2023 08:40 AM
Financing
The decentralized identity and payments platform demonstrated the advanced privacy and security solutions for a CBDC.
LONDON, UK / ACCESSWIRE / June 16, 2023 / Nuggets, a multi-award-winning self-sovereign identity and payment platform, today announces it has taken part in the Phase 2 TechSprint of Project Rosalind, a joint initiative of the Bank for International Settlements (BIS) and the Bank of England. Nuggets developed a wallet solution for a retail use case utilising central bank digital currency (CBDC).
Jointly with other Rosalind TechSprint participating teams, Nuggets took up the challenge to come up with innovative use cases and prototyping solutions that would demonstrate the technological feasibility for retail CBDCs.
As a platform that enables trusted and regulatory-compliant transactions through verified self-sovereign decentralized identity (SSDID), Nuggets built and presented its solution to tackle surveillance and privacy concerns around CBDCs.
One of digital finance's biggest challenges Nuggets strives to solve is trust - individuals and organizations are impacted by growing fraud, friction, security, and privacy issues as they transact. To address this, Nuggets SSDID platform and wallet enables trusted CBDC payments with the utmost privacy and security.
Nuggets worked with the Rosalind APIs in a sandbox environment which included a range of retail user functionality. These included creating a CBDC account, using CBDC to make a retail Payments with verifiable receipts, making a CBDC micropayment and the ability to Freeze, unfreeze and delete the CBDC account all without sharing any personal identifiable information.
While promising to increase financial inclusion and facilitate easier and cheaper cross-border payments, CBDCs face inherent privacy and security challenges. Blockchain-based SSDID, which can be tied to real-world credentials without compromising convenience, can solve this dilemma - giving users complete control over who accesses their data while safeguarding their privacy.
"It's so important that the future of CBDCs has privacy at its core and we were honored to have been selected as a participant for Project Rosalind Phase 2 TechSprint hosted by the BIS and the Bank of England," said Alastair Johnson, Founder and CEO of Nuggets."
In 2022, the first phase of Project Rosalind focused on developing an experimental application programming interface (API) layer for retail CBDC. As this work was gearing towards completion, it was followed by a TechSprint - the second phase centered around testing and validating API functionality and exploring further use cases to understand adoption and support ecosystem building.
The TechSprint ran through March, and concluded with a demo day on April 5, when a selected group of participants presented the solutions they came up with to the international central banking community.
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For more information, please contact:
Cryptoland PR | http://cryptolandpr.com/
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About Nuggets:
Nuggets is an award-winning identity super-wallet, delivering verified self-sovereign decentralized identity, compliance, and multi-rail payment with zero friction. It means privacy and security like never before with trusted transactions-every time.
Nuggets is built for Web2, Web3, and DeFi. It provides a reusable, interoperable decentralized identity with a merit-based reputation that travels with you. As well as a non-custodial cache for your digital assets.
The result? Vastly reduced fraud, and safer compliant customer data. No wonder we're already trusted by major organizations.
For more information, please visit: https://nuggets.life/
SOURCE: Nuggets