Established in 2019
The Mission of EuroLedger if to empower market participants with credentials that facilitate trustless interactions on digital platforms and contribute to a world where digital identity enables more fluid and more efficient markets.
Human-centric at heart and community building in scope, digital identity done right returns control over identity data to the individuals and eliminates the need for centralised institutions validating these data. On digital platforms, this translates into seamless, bottleneck free transactions aggregating into markets with optimum resource allocation and minimal regulatory costs.
To achieve its mission, EuroLedger brings together advanced knowledge on platform business strategies with various blockchain technologies from the Hyperledger suite of frameworks, tools and libraries for enterprise-grade blockchain deployments. EuroLedger is an active promoter of Hyperledger Aries, a blockchain-agnostic dedicated self-sovereign identity library within the Hyperledger Greenhouse. Finally, EuroLedger promotes gradual decentralisation and integration of blockchain technologies with legacy technologies to facilitate adoption and maximise the overall architecture efficiency with minimal disruption.
Euroledger Solutions & BlockStart
A seller/buyer, a trader, a gig worker, a sharing economy agent: all have in common their reputation as a trust asset – being able to trust prospective providers of services or goods is imperative for users to enter a transaction. Reputation is an asset that is built over time, and in today’s world, remains locked into the community, or the digital platform where it is manifest, leading to proliferation of parallel reputation systems.
Reputation-based lock-in from global aggregators makes it more difficult for emerging platforms to attract participants. It particularly affects super contextual, niche aggregators, hence limits the potential elongation of the platform ecosystem distribution.
Reputation-based lock-in discourages migration of participants between platforms, impedes multi-homing, decreases the quality of matches, favours high intermediation fees and limits awareness of own reputation trail and behaviours impacting trustworthiness.
Reputation portability between platforms is an obvious answer to this conundrum.
However, the impetus of the reputation economy that marked the beginning of the second decade of our century did not result in a mass adoption of reputation portability solutions proposed by a multitude of companies.
Overly ambitious attempts trying to cover multiple reputation “verticals”, failure to recognize and integrate the contextual character of reputation data, disputes around the ownership of data and issues with the business models have all been put forwards as reasons as to why the reputation economy did not bloom as expected. First and foremost, attempts to propose metrics for trust have met resistance due to privacy concerns – in particular, fear of uncontrolled spreading of private data and third-party usage.
EuroLedger’s state-of-the-art Digital Identity solution, built using Hyperledger Aries technology, fully addresses this last issue, whilst also improving on most of the others. The solution facilitates the reputation portability between marketplaces while preserving the integrity of a person’s identity: the user can store it, prove it and control it. In this way self-Sovereign Identity is by definition human-centric.
The solution is compliant with the brand new W3C standard for Verifiable Credentials, and is also 100% GDPR compliant, largely because, since private data (credentials) are stored only on user devices, they are controlled (and can be revoked) by the user, not by the network or system.
Reputation (ratings) from upstream marketplaces are issued as verifiable credentials via a proxy or notarizer (to replace the actual upstream issuer); the holder then approves those credentials and stores them locally on his/hers preferred device. This will be done using a holder’s app that individual users will be able to download from major app store or EuroLedger webpage.
Downstream platforms or devices then request a “proof”, which is a verification of a user’s credentials. It does this by establishing a point to point connection with the user; once established the credentials are securely exchanged via the p2p communication channel, and the ledger is used in order to verify the digital signature’s authenticity of the issuer. This is done using an agent plugin – a generic library based on the Aries framework – which would be integrated with downstream platforms allowing them to use the verified credentials in their system.
Meet the team
Mike Richardson, CTO and System Architect
Geomina Richardson, CEO and Business Analyst
Geomina is an analyst with over 20 years of experience in developing and implementing economic research and advisory programs. Her career path has covered the entire spectrum from academic research to policy consultancy, monitoring and evaluation, management of research/innovation projects for Romanian research institutions, European Commission and the World Bank. Geomina has rich experience in working in/leading complex international teams and in the last 2 years, she gained niche experience in blockchain business analysis. Geomina holds a PhD in econometrics, is Blockchain Training Alliance Certified in Blockchain for Business and is MIT Emeritus Graduate, Platform Strategy for Success.
Omar DIB, Blockchain Independent Researcher
Omar DIB holds a PhD in Computer Science and is an independent researcher with 7 years of experience in Computer Science and Applied Mathematics. Omar started working on Blockchain technologies as a full-time researcher in Sep. 2017. His research interest has been the study of the performance of blockchain-based solutions. Omar also focuses on conceiving privacy by design platforms whereby data are exploited is a secure, trusted and fully transparent manners. Since Feb. 2020, Omar studies the novel Self Sovereign Identity paradigm from an application and performance points of view.
Funding received under BlockStart: € 1,000 (Ideation Kick-off)