Wall Street banking giant JPMorgan Chase & Co. is developing a web3 digital identity solution on its blockchain platform Onyx.
In a video posted on the Onyx website, JPMorgan explains how its blockchain-based digital ID solution will provide a way for users to protect their credentials while interacting with digital assets and accessing the web3 economy.
“Onyx, by JPMorgan, is at the forefront of exploring a feature where you would have the ability to store, view and share digital assets that are bound to your digital identity all in one place,” said the video.
“The solution will let users choose the identity credentials they want to share through their interactions “across web3, the metaverse, DeFi protocols and beyond,” said JPMorgan.
The banking giant’s blockchain unit went on to explain how digital IDs will enable users to use only their credit scores to take advantage of buy now pay later options, prove ownership of their NFTs across platforms and create content with the freedom to move platforms.
However, a disclosure at the end of the video notes that the solution discussed is a “proof of concept” and there is no guarantee that JPMorgan will offer the product.
JPMorgan’s Onyx was launched in December 2020 and offers a blockchain-based platform for wholesale payments transactions. Onyx also plans to tokenize U.S. Treasury Bills or money market fund shares that could potentially be used as collateral in DeFi pools one day.
“The overall goal is to bring these trillions of dollars of assets into DeFi, so that we can use these new mechanisms for trading, borrowing [and] lending, but with the scale of institutional assets,” said Tyrone Lobban, Onyx’s head of digital assets to CoinDesk in June.