According to a recent press release, decentralized identity firm, Civic, and a blockchain security firm, BitGo, have announced plans to release a new wallet sometime in the last quarter of 2019.
The new “Civic Wallet” will make use of Multisignature Technology from BitGo and will also support cryptocurrency as well as identity data while ensuring compatibility with mobile gadgets.
The Civic Wallet
Developed in conjunction with Identity.com and Civic Pay, the wallet will only hold very little data from users which will be used strictly to fulfill Know Your Customer (KYC) requirements or for account recovery.
Using multisig security technology from BitGo, the wallet boasts of significant privacy and security levels as whatever information being held will only be used for the above, ensuring that BitGo has no access to it. This is to give consumers more control of their private data.
“Once they have a Civic Wallet, users are able to selectively share parts of their verified identity with third parties, for example, purchasing age-restricted products anonymously.”
The importance of this technology was also highlighted by BitGo Co-Founder and CEO, Mike Belshe. Belshe explains that it’s now easy for users to recover their accounts in the event that they lose the mobile device that holds the private key for the wallet.
The Civic Wallet has a backup protocol that can aid the user in the quick restoration of all their data and digital funds without losing anything. Belshe iterates that this was not very common before now.
At the moment, access to the Civic Wallet is somewhat controlled and can only be accessed when a person is referred by someone else in the consumer’s network or also through a pre-registration process.
The CEO and co-founder of Civic, Vinny Lingham, has said that the team is “building a new financial and identity ecosystem” also explaining that with efforts like this, more people have further seamless ways to enter the blockchain industry and with more access as well.
According to an unnamed member of the Civic team, the wallet will be launched with at least the minimum required features including support for “a handful of currencies familiar to the digital community”. Expectedly, it will also allow users to do handle crypto as usual, supporting sending, receiving and storage.
Furthermore, the team expects that the wallet will be reasonably appealing even for people who aren’t exactly versed in the crypto world. This will be ensured through its ease of use and also the fact that there will be some interesting features just like people have with their traditional financial institutions. Some of these features include account recovery – as earlier stated – and also others like privacy controls and specific daily transaction limits. This is expected to also work as a security measure in the case of a breach or outright theft.
All identities will also be verified using blockchain technology. This will be done using a feature from Identity.com, a startup which is now a part of Civic after it was acquired in July 2018 from former owners, Inflection.
Non-Crypto Blockchain Wallets
The possibility of deploying blockchain wallets for other uses has been highlighted in the auto industry by Daimler AG.
The German multinational corporation based in Stuttgart, Baden-Württemberg, has entered an official partnership with Riddle & Code – a European provider for blockchain interface solutions – for the creation of a car hardware wallet.
These blockchain car wallets will be used for many scenarios in the auto industry including sharing of secure traffic data, care-sharing, self-driving vehicles, e.t.c.