Instnt Joins Hyperledger Foundation
NEW YORK, December 14, 2022 (Newswire.com) - Instnt, the AI-managed customer acceptance platform that helps businesses accept and onboard more good customers for good, with up to a $100 Million fraud-loss protection and liability shift, joins Hyperledger Foundation, the open, global ecosystem for enterprise blockchain technologies to continue driving the development and adoption of Hyperledger technologies.
For the longest time, consumers have had to supply their personal information repeatedly for each product or service they wish to consume on the web and mobile platforms. When these websites and apps are breached, the centralized storage of personal information exposes consumers to the risk of theft of their personal data and misuse of their personal information. Moreover, businesses are exposed to liability and reputational harm from these breaches.
Instnt has been working to provide a solution for businesses to be able to migrate to a decentralized infrastructure so that consumers can benefit from self-sovereign identity, which allows them to own their own data, and sign-up once without having to repeatedly supply personal information. Instnt has employed the W3C verifiable credential standard and decentralized identity management to enable this shift. Hyperledger Foundation is an open-source community focused on developing a suite of stable frameworks, tools, and libraries for enterprise-grade blockchain deployments essential for self-sovereign identity and core to Instnt's customer acceptance platform and continuous identity assurance technology. Instnt has been collaborating with Hyperledger's community for over a year to enable decentralized identity verification and portable KYC experiences for its customers. As contributors to Hyperledger Foundation's self-sovereign identity projects, Instnt determined it was the right time to become an official member and to solidify the company's commitment to the continued development of open, interoperable decentralized identity systems. Instnt sees Hyperledger Foundation membership as a means to collaborate with the community that is shaping a decentralized future.
"There is a growing demand from businesses and consumers to rethink how personal information and identity is managed online," said Daniela Barbosa, Executive Director, Hyperledger Foundation, and General Manager of Blockchain and Identity at the Linux Foundation. "Instnt has been leveraging Hyperledger technologies to tackle this challenge and becoming more involved in the Hyperledger Indy and Aries communities in the process. It's great to see them take the next step and join Hyperledger Foundation, a commitment to advancing the open development and governance of the software that is critical to their business and to the industry at large."
Instnt Inc. is an AI-managed customer acceptance platform founded and operated by serial entrepreneur Sunil Madhu, founder, and former CEO of Socure. Instnt is on a mission to bring frictionless inclusion and continuous identity assurance experiences for businesses and their customers through proprietary artificial intelligence technology, open standards, and a collaborative effort in the identity governance industry. Instnt powers various financial institutions, lenders, fintechs, banks, and credit unions across North America. For more information, please visit www.instnt.org