Founded by former Microsoft & Oracle executives, Trusted Key is a new Seattle based startup that is using blockchain technology to help companies in finance, healthcare, and other industries identify their users securely without the need for passwords. A few days back the company announced a $3 million seed round led by Founders Co-op, with participation from Pithia, a new venture capital firm in Seattle focused on funding blockchain startups.
Trusted Key’s configuration turns real-world identities into a secure digital wallet that gives companies an identity mechanism that doesn’t require passwords, pins, or multi-factor authentication. Trusted Key CEO Amit Jasuja said that the company allows users to be proofed once, using a driver’s license, passport, or other forms of identity. From there they’ll be able to access a large network of providers that trust the proofing processes without incurring the constant costs of identity validation and complexity of passwords.
Users are in total control of their information while still being able to securely share their information with businesses they wish to interact with. No one enterprise will control the user’s identity, but they will all have the most updated, accurate information.
– Amit Jasuja, CEO – Trusted Key
Trusted Key is also working with U.S. healthcare consortium NH-ISAC on a pilot project to create a single identity “HealthID” that allows patients to access 300 member-companies, including insurance providers, hospitals, clinics, and pharmacies. Jasuja said that traditionally, enterprises have confirmed identity by requiring users to answer questions about previous addresses etc, whereas Trusted Key’s platform enables various aspects of a user’s identity to be verified and then brought online into a secure digital identity wallet, backed by a permissioned blockchain.