Announced at LendIt Europe, Peer Mountain says it is launching the “world’s first peer to peer self-sovereign identity, compliance and commerce delivery solution”, designed to allow consumers to maintain ownership of their data and control over who they trust to access it without the need for third party involvement. The news comes as Peer Mountain prepares for an upcoming Initial Coin Offering (ICO).
Accoring to Peer Mountain, this system gives control of personal data back to consumers, eliminating the problems of mass data breaches that occur with growing frequency. Consumers may “own themselves” and have total control of their data across the blockchain based network. Peer Mountain says it has built a “circular economy of trust” where individuals can provide the data they want to share with businesses offering them services only when necessary.
Peer Mountain says it will enable rapid consumption of services from businesses on the platform, even when those services are complex and require regulatory compliance.
The service will be free for individual users. Enterprises that want individuals to use their service will pay a fee when individuals consume a service invitation.
Peer Mountain expects its first applications to be within financial services, where efficient dossier management, compliance checks and client on-boarding are hampered by antiquated analog systems.
Peer Mountain has been developed by Jed Grant, the founder and CEO of Luxembourg based KYC3. Grant has been working on the trust model for several years and is developing the platform in conjunction with an unnamed major Swiss financial institution.
“In the wake of the major data breaches that have plagued some of the biggest consumer databases in the world, a new solution that puts control back in the hands of users is required,” explains Grant. “The distributed and shared ledger behind blockchain makes this possible and Peer Mountain’s circular economy of trust provides a new platform designed to facilitate commerce.”
Peer Mountain will be conducting an ICO to support the launch of the platform in November. Additional details were unavalailable at the time of this writin. The company says that 1 billion tokens that will be generated, 40% will be sold in the pre-sale and main sale, while 10% will be reserved for project participants.