Transforming Traditional Credentials:
MY E.G. Services highlighted that the Digital Credentials platform addresses the limitations of traditional paper-based credentials, presenting a range of advantages that promise to reshape digital interactions for individuals, organizations, and governments.
Collaboration Commercialized:
The launch signifies the realization of a collaboration announced on September 18, 2023, between MY E.G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd. This collaboration, the IT arm of Guangxi Beibu Gulf Investment Group, a top 500 enterprise in China, is instrumental in the development of this groundbreaking solution.
International Offerings on Xinghuo International:
Initially available to domestic Chinese nationals, the Digital Credentials service allows individuals to digitize their national ID or driving license as a verifiable credential (VC) on Xinghuo International, China’s national Public Blockchain gateway. Zetrix, integrated with Xinghuo, facilitates authentication of these VCs abroad by any verifier requiring identity or driving license verification.
Seamless Authentication Through Integration:
Beitou IT’s integration with China’s nationwide police and transport department databases ensures smooth authentication and digitization of documents into VCs. The use of blockchain guarantees the immutability of data, providing verifiers with confidence in the authenticity of the VCs.
Expanded Digitization Prospects:
Anticipating a broader scope, MY E.G. suggests that beyond IDs and driving licenses, other crucial credentials held by individuals or businesses may soon undergo digitization as VCs, promising a more secure and efficient system.
Enhancing Security with Blockchain Technology:
Emphasizing the security benefits, the adoption of digital credentials, starting with blockchain-based driving licenses, is poised to significantly combat counterfeiting of electronic licenses. Zetrix’s Digital Credentials platform, employing a Self-sovereign Identity (SSI) framework, enables real-time verification, establishing a robust defense against fraud and forgery.
Selective Data Disclosure for Increased Security:
The SSI framework also allows document holders to selectively disclose or confirm data, such as age or home location, without revealing sensitive details. This approach protects user data, reducing vulnerabilities to cyber attacks.
China-ASEAN Collaboration:
Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co., emphasizes the joint development of the China-ASEAN digital driving license cross-border verification platform. The platform aims to provide convenient services for communication between citizens of China and ASEAN countries, fostering economic development across the entire region.
Cross-Chain Integration for Seamless Transactions:
Zetrix’s digital credentials platform incorporates a multi-chain e-wallet, enabling the storage of native tokens and VCs from Xinghuo International and Ethereum. This feature facilitates seamless cross-chain transactions and simplifies identity and document verification across various scenarios, enhancing the travel experience.
W3C Standards Compliance for Interoperability:
Aligned with World Wide Web Consortium (W3C) standards, Zetrix’s Digital Credentials platform adheres to the principles of VCs and decentralized identifiers, contributing to self-sovereign identity. This adherence becomes a catalyst for enhanced interoperability across blockchains and decentralized applications.
Zetrix’s Role as a Global Blockchain Gateway:
Zetrix, functioning as a layer-1 public blockchain, supports smart contracts and provides privacy, security, and scalability. Developed by MY E.G., its cross-border and cross-chain integration with China positions Zetrix as a blockchain gateway, connecting governments, businesses, and citizens to a global blockchain-based economy.
Beitou IT’s Strategic Positioning:
Beitou IT, a wholly-owned subsidiary of Beibu Gulf Investment Group, plays a pivotal role in Southwest China’s digital landscape. With a focus on ITAI project implementation, IT product R&D, integration and sales, and New Infrastructure development, Beitou IT contributes significantly to government and enterprise-level digital initiatives.
Conclusion:
The introduction of Zetrix’s Digital Credentials platform marks a significant step towards transforming traditional credentials into a secure, efficient, and interoperable digital format. The collaboration between MY E.G. and Guangxi Beitou IT showcases a commitment to innovation and cross-border solutions, with the potential to reshape digital interactions and contribute to economic development in the ASEAN region.