Trusted Key Solutions has raised $3 million to advance its blockchain technology to create secure digital identities for enterprise customers.
Seattle-based Trusted Key raised the money from Founders Co-Op, an early-stage venture fund, with participation from Pithia, a venture capital company associated with the RChain Cooperative. The company wants to combine blockchain, the transparent and secure digital ledger behind cryptocurrencies such as Bitcoin, with smartphones and cryptography.
The global consumer identity and access management market is expected to reach nearly $24 billion by 2022, according to a recent report from Allied Market Research. In 2017, more than 16.7 million consumers were impacted by identity theft and identity fraud.
The company plans to use the new funds to accelerate innovation and business expansion to meet growing product demand from enterprise customers. Trusted Key’s digital identity solution leverages blockchain technology to provide the foundation of digital trust.
“Highly regulated enterprises want to bring their customer experience online but have significant drop-off rates during enrollment due to the cumbersome identity validation, or proofing, process. With the rise in identity theft and breaches, these organizations also face enormous pressures to deliver a secure and convenient experience,” said CEO Amit Jasuja in a statement. “Trusted Key’s platform protects the privacy of consumer data, while allowing enterprises to easily verify that their customers are who they claim to be. We are rebuilding digital trust.”
For enterprises, providing a frictionless yet secure online consumer enrollment process is increasingly important. A driving factor behind this growing demand is the inexorable shift to online experiences across the entire life cycle of the consumer-enterprise interaction.
The company was started in 2016 by former executives from Microsoft, Oracle, and Symantec. Trusted Key said it has built a digital identity solution for enterprises to prevent identity fraud, improve security, and enhance the consumer experience with password-less authentication and transaction authorization. This helps organizations streamline customer acquisition on digital channels while meeting business and regulatory requirements. Trusted Key’s identity-proofing platform offers organizations a customizable infrastructure that can be deployed on various blockchains that best suit their needs, while easily integrating with existing applications.
The company also announced it has successfully demonstrated a pilot project in partnership with health care consortium NH-ISAC. The project is creating a mobile HealthID application that onboards customers with flexible proof and provides a reusable digital identity that they can leverage to sign up for health insurance, register with health care providers, and fill prescriptions online.
Trusted Key has set out to provide a frictionless yet secure online consumer enrollment process that bridges the gap between consumers’ need for speed of transactions and their demand for secure handling of their private information. Customers include the largest U.S. health care consortium, which is successfully deploying the Trusted Key platform across the entire ecosystem of hundreds of health care providers. This means consumers can sign up for health insurance, register with health care providers, set appointments, and fill prescriptions online with one profile – doing away with the need to remember multiple passwords or log-in details.