A user-centric device-agnostic self-sovereign identity wallet for fraud prevention

EarthID is a UK-based cybersecurity, fintech and Web3.0 focussed SME, led by a female co-founder/CEO and both co-founders of Indian ethnicity. The core project team comprises of Priya Guliani (Oxford/MIT-certified IT/blockchain/leadership professional) and Shiv Aggarwal (certified enterprise-architect, blockchain/SSI expert). EarthID's vision is to drive social, financial, and digital inclusion through the power of Self-Sovereign-Identity, aligned with 7/17 UN's Sustainable-Development-Goals.

The academic-team, led by Professor Rajarajan, brings 20-years research and commercialisation expertise in data-privacy, cybersecurity, decentralised-identity, and blockchain.

In 2020, the global cost of identity-fraud was £38.38B (Javelin-Strategy-Research,2021). In 2021, there were 226K cases of identity-fraud reported, an increase of 22%, which accounted for 63% of all fraud cases (National-Fraud-Database,2022). To prevent identity-thefts/frauds, financial institutions spend approximately £42.8M on customer-due-diligence processes. Major financial institutions spend up-to £446.25M protecting customer-data (Thomson-Reuters,2022). A cost-effective, fraud-proof solution is needed to reduce identity-thefts and associated financial, reputational, and emotional impact.

From equality-diversity-inclusion standpoint, existing solutions rely on high-end smartphones, creating accessibility-barrier for people from lower socio-economic background.

EarthID is developing Space-Wallet, a first-in-class cost-efficient, device-agnostic, fraud-proof, portable, reusable, user-centric, World-Wide-Web-Consortium compliant, cloud-based, decentralised-ID wallet that enables management of digital ID/credentials. Space-Wallet will enable organisations to issue, request and verify users' credentials in a fraud-proof and cost-efficient manner, while offering users data-ownership and privacy. Space-Wallet will be integrated with EarthID's multi award-winning platform, benefiting from its industry-leading capabilities.

Space-Wallet will help organisations save up to 40% in expenses and 80% of their time through the prevention of identity-frauds (up to 90%), elimination of human-intervention, reuse of verified-data and paperless-processing. It will also remove the digital-divide by offering a device-agnostic solution. Space-Wallet will eliminate paper-based identity management processes, thereby reducing industry's carbon-footprint significantly.

EarthID's Space-Wallet will help organisations prevent identity-frauds, drive compliance, optimise costs and foster sustainability, while empowering users with data ownership, privacy, and consent.