20240031167. SYSTEMS AND METHODS FOR MAINTAINING DECENTRALIZED DIGITAL IDENTITIES simplified abstract (JPMORGAN CHASE BANK, N.A.)

SYSTEMS AND METHODS FOR MAINTAINING DECENTRALIZED DIGITAL IDENTITIES

Organization Name

JPMORGAN CHASE BANK, N.A.

Inventor(s)

Tyrone Lobban of Loughton (GB)

Christine Moy of New York NY (US)

Kanishk Mahajan of San Francisco CA (US)

Martin Kocen of Bratislava (SK)

Jaroslav Saxa of Bratislava (SK)

Oliver Margolis of London (GB)

Rob Perez of Bellflower CA (US)

Bruce Horner of New York NY (US)

Christine Leong of New York NY (US)

SYSTEMS AND METHODS FOR MAINTAINING DECENTRALIZED DIGITAL IDENTITIES - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240031167 titled 'SYSTEMS AND METHODS FOR MAINTAINING DECENTRALIZED DIGITAL IDENTITIES

Simplified Explanation

The patent application describes systems and methods for maintaining decentralized digital identities. It specifically focuses on decentralized digital identity attestation verification within a distributed ledger network. The method includes the following steps:

• Receiving an attestation verification request from a relying party for a user.
• Retrieving the decentralized identifier for the user.
• Retrieving the decentralized identifier for the attestation issuer.
• Validating the user decentralized identifier and the attestation issuer decentralized identifier.
• Verifying that the attestation has not been revoked.
• Communicating the validity of the attestation to the relying party.

Potential applications of this technology:

• Identity verification: The decentralized digital identity system can be used to verify the identity of individuals or entities in various applications such as online transactions, access control, and authentication processes.
• Financial services: The technology can be applied in the financial sector for Know Your Customer (KYC) processes, anti-money laundering (AML) compliance, and fraud prevention.
• Healthcare: Decentralized digital identities can be used to securely store and share medical records, ensuring privacy and data integrity.
• Supply chain management: The technology can be utilized to track and verify the authenticity of products throughout the supply chain, reducing counterfeiting and ensuring product quality.

Problems solved by this technology:

• Centralized identity systems: The decentralized digital identity system eliminates the need for centralized authorities to verify and validate identities, reducing the risk of data breaches and identity theft.
• Identity fraud: By validating decentralized identifiers and verifying the authenticity of attestations, the technology helps prevent identity fraud and ensures the trustworthiness of digital identities.
• Lack of interoperability: The use of decentralized identifiers and distributed ledger networks enables interoperability between different systems and platforms, facilitating seamless identity verification across various applications.

Benefits of this technology:

• Enhanced privacy and security: Decentralized digital identities provide individuals with greater control over their personal information, reducing the risk of data breaches and unauthorized access.
• Trust and transparency: The use of distributed ledger networks ensures transparency and immutability of identity attestations, enhancing trust between parties.
• Efficiency and cost savings: The decentralized nature of the system eliminates the need for intermediaries and reduces administrative overhead, resulting in cost savings and streamlined processes.

Original Abstract Submitted

systems and methods for maintaining decentralized digital identities are disclosed. in an information processing apparatus for a relying party within a distributed ledger network and comprising at least one computer processor, a method for decentralized digital identity attestation verification may include: (1) receiving, from a relying party, an attestation verification request for a user; (2) retrieving a user decentralized identifier for the user; (3) retrieving an attestation issuer decentralized identifier for an attestation issuer; (4) validating the user decentralized identifier and the attestation issuer decentralized identifier; (5) verifying that the attestation has not been revoked; and (6) communicating that the attestation is valid to the relying party.