Peer Mountain aims high with data trust solution launch
Luxembourg-headquartered start-up Peer Mountain has unveiled a peer-to-peer self-sovereign identity, compliance and commerce delivery solution as it seeks to exploit the Equifax data breach episode.
The firm says it gives users control of their data across blockchain. Consumers can choose who can access the data without the need for third party involvement.
Peer Mountain says it expects its first applications to be within financial services, as it hunts out markets in dossier management, compliance checks and client on-boarding.
Jed Grant, also the founder and CEO of KYC3, has developed the Peer Mountain platform in conjunction with an unnamed Swiss financial institution.
Grant says: “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. 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 is built as a microservice architecture. The three main users of the system are classed as “consumers, enterprises and attestation providers”. The plan is to get all these working in concert to provide the validation services that allow trust to build up.
The solution will be free for individual users, “who can become more trustworthy by using the system over a longer period of time”.
Enterprises that want individuals to use their service will pay a fee when individuals consume a service invitation. “Attestation providers” will be paid when their validation certificates are used in a trust context.
The start-up will be conducting token sales to support the launch of its platform in November. Of the one 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.