Dalion, the digital identity solution with blockchain, passes the Financial Sandbox tests

Dalion, the digital identity solution with blockchain, passes the Financial Sandbox tests

Is the first project to pass the Financial Sandbox tests

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The initiative works on a digital identity management model that allows each person complete control of their data and advances towards its market launch, after being the first pilot to successfully complete the passage through this controlled testing space promoted by the Spanish Government.

It has been tested together with the other 11 projects that received authorization out of the 66 initially submitted. They have been monitored by supervisors and the Banco de España has described Dalion as "promising".

Dalion is a collaborative project that aims to boost the use of self-managed identity thanks to blockchain technology. This project will position Spain at the forefront of blockchain and identity management, a fundamental element in digital environments both for users and for companies and public administrations.

The initiative, which involves nine large companies from different private sector industries (Banca March, Banco Santander, CaixaBank, Generali, Inetum, Línea Directa Aseguradora, MAPFRE, Repsol and Unicaja Banco) and the Universidad Politécnica of Madrid, is moving towards its market launch after being the first project to successfully pass through the Financial Sandbox.

This test bench, or Sandbox, is an initiative of the Ministry of Economic Affairs and Digital Transformation that has made it possible to launch pilots monitored by supervisors. Of the 66 projects submitted in the first call, only 12 were authorized to enter the final testing phase. To date, the Bank of Spain has issued a favorable report on five of them and the CNMV on a sixth project. The financial sandbox is a controlled and secure testing space that allows the safe deployment of technological innovations.

Favorable report from Banco de España

The ten partners behind the project emphasize the milestone of Dalion's successful completion of the Sandbox pilot, supervised in its case by Banco de España, during which they have worked to identify various use cases of self-managed identity, analyzing in depth regulatory aspects and resolving challenges related to the operability of a solution that will promote the real adoption of the concept of digital identity in people's daily lives. The challenge is to have legal effects equivalent to the most advanced data validation and authentication processes of today, for which a complete analysis has been presented in the final report of the project, in particular information to be evaluated by the Spanish Data Protection Agency (AEPD).

In fact, in the published report on the project, Banco de España describes Dalion as a "promising project" and "that could eventually benefit users of financial services in terms of improved quality or access conditions, as well as an increase in the efficiency of entities or markets".

Dalion's disruption: what self-managed identity enables

Self-managed identity enables individuals to have greater control over their personal data while enjoying a streamlined and simple user experience. It allows you to manage the sharing of data to different entities and organizations through an application on the mobile device, called an identity wallet. Each person, individually, has complete control of their personal data in a secure and reliable environment. The identity wallet also allows authentication to any website or mobile app that uses the system, eliminating the nightmare of remembering dozens of passwords.

The user will be able to decide with whom he shares his data at any time in a fast, simple and secure way, for example, to contract any service without having to fill out tedious forms. In this sense, the user will be able to use the data validated by other entities to rent a car, take out insurance, apply for a loan, sign up for electricity or gas service, or any service the user wishes, all in just a few clicks, once one of the participants in Dalion has officially validated them in the system.

The technological proposal that has passed the Financial Sandbox tests -based on blockchain technology, specifically on the Alastria ID identity model- guarantees the integrity and quality of the data, avoiding duplications and errors, while protecting the privacy of users by not storing personal data outside the mobile device and preventing third party companies from accessing the citizen's information. In addition, it offers higher data quality by maximizing the veracity of the information shared because it is certified by Dalion participants acting as issuers.

The Dalion project has in its roadmap to always maintain alignment with the European Self-Sovereign Identity Framework (ESSIF), which is currently evolving. In this way, Dalion will be able to interoperate with any initiative compatible with the same standards (Verifiable Credentials, W3C), making it easier for citizens to manage a single self-managed identity enriched with data from different systems.

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