Leading Blockchain and Web 3.0 venture capital firm Outlier Ventures has invested in, and become a strategic partner of, Evernym – the foremost developer of self sovereign identity technologies and inventor of Sovrin, the global public utility for decentralised exchange of verifiable claims. Sovrin’s utility token distribution event is slated for mid-2018.
Using the unique properties of Sovrin, Evernym builds applications that finally enable people, businesses and connected devices to securely control their own identity data, choosing when, with whom and how much they wish to reveal in any given exchange. This technology forms the basis of applications Evernym is building for a number of partners including the US Department of Homeland Security, the UK’s healthcare system and a number of leading global financial institutions.
“Evernym is an organization unlike any other in the distributed identity space,” said Outlier Ventures CEO Jamie Burke. “At their stage, to have earned the cooperation and patronage of such organizations as Hyperledger, the Illinois Blockchain Initiative and the entire U.S. credit union industry, speaks directly to the potential Evernym possesses. We just knew we had to be a part of this story.”
“Self-sovereign identity for people, organizations and connected devices is the one problem everyone wants to see solved. The deeper you look at Evernym’s breathtaking technological innovation, it feels the solution is at hand. Each of our portfolio companies, present and future, needs this technology, as demonstrated by Evernym’s recent announcement of a partnership with IOTA. Despite a lot of noise in the identity space these are the only innovators who have achieved any serious level of adoption.’’
Evernym offers SaaS services and applications built atop the Sovrin Network, which is thought to be the world’s only distributed ledger purpose-built for self-sovereign identity and the exchange of verifiable claims. The Sovrin Foundation is guided by a constitutional “Trust Framework,” conceived with the Sovrin network’s enduring independence as its primary objective.
“We’ve accomplished a lot in our relatively short existence, but among the highlights I count our new relationship with a firm as well-regarded as Outlier Ventures,” said Evernym Co-founder and CEO Timothy Ruff. “Together, we will break ground destined to prove fundamentally transformative to the internet in general, and digital trust in particular.”