Strategic Investment in Blockchain Identity
Medici Ventures, the investment arm of Overstock, is making waves in the fintech world with its latest investment of $2 million in Evernym, a startup located in the heart of Salt Lake City. This investment, announced in a press release dated September 26, involved participation through Evernym’s Simple Agreement for Future Equity (SAFE). The deal closed on September 4, 2019, and allows Medici to convert its SAFE shares into preferred stock when Evernym moves into future rounds of equity financing.
Funding the Future of Digital Credentials
Evernym’s mission? To revolutionize digital identity. The company intends to utilize the new funds to enhance its offerings aimed at creating a decentralized ecosystem of digital credentials and a self-sovereign identity framework that could change how we manage our online personas. In the words of Jonathan Johnson, president of Medici Ventures and newly minted Overstock CEO,
“Evernym’s platform allows every person, organization, and connected thing to have an independent identity. Evernym fills out our identity pillar within our keiretsu and will help advance our government-as-a-service technology stack for civilization.”
A Broader Shift Towards Blockchain Identity
The excitement surrounding blockchain-based identity solutions isn’t just limited to Evernym. Other key players in the industry are also diving into this space. For instance, uPort, supported by ConsenSys, has teamed up with Onfido and PwC to spearhead blockchain identity management within the UK’s financial sector. Meanwhile, Catalonia’s government has rolled out IdentiCAT, a decentralized identity initiative that empowers citizens to decide which data they wish to share with the government, demonstrating a trend towards giving users more control.
Empowering Users Through Self-Sovereign Identity
Alastair Johnson, CEO of the e-commerce and identity platform Nuggets, touched upon the transformative potential of blockchain ID systems. In a recent interview with industry media, he emphasized the paradigm shift towards user-centric identity management:
“A blockchain ID system adopts a user-centric approach, eliminating central points of failure by empowering individuals with self-sovereign possession over their own data.”
This shift not only enhances user control but also offers governmental bodies a chance to streamline services—eliminating the need for them to store sensitive personal information.
The Road Ahead
As these trends unfold, it is clear that investments like Medici’s into Evernym are steering us toward a future where individuals reclaim control over their identities in the digital realm. While the tech industry may have a long way to go before achieving expansive self-sovereign identity systems, the groundwork is undoubtedly being laid. So buckle up, folks; the blockchain identity revolution is just heating up!
