Cardano Foundation Aims to Combat $1.7B Data Breach Risk with New Privacy Tools

Points to Know:

• The Cardano Foundation has introduced Veridian, an open-source platform for managing digital identities.

• Veridian Wallet enables users to securely verify their identity online without disclosing sensitive information.

• The platform tackles security vulnerabilities in existing systems and integrates with the Cardano blockchain for added security.

The Cardano Foundation has launched Veridian, a new open-source platform designed to assist individuals and businesses in managing their digital identities, as announced in a Friday release.

Along with the new platform, the Veridian Wallet is being introduced as a tool to protect personal information and allow users to verify their identity online without the usual risks of sharing sensitive data.

This launch comes at a time when proving one’s identity online is both increasingly important and more dangerous than ever. Whether it's for healthcare, banking, shipping, or academic records, existing systems often leave personal data exposed. With the growing presence of smart devices and AI, these weaknesses are becoming harder to resolve, according to the Foundation.

“Identity verification is a cornerstone of trust in industries ranging from healthcare and finance to supply chains and education,” said Thomas A. Mayfield, head of Decentralized Trust and Identity Solutions at Cardano Foundation. “Unfortunately, current solutions often lack sufficient security and control over credentials, leading to frequent data breaches. Last year, 1.7 billion records were compromised in the U.S. alone.”

Veridian addresses this issue by allowing users to maintain control over their data instead of relying on a central authority. It utilizes open, shared tools to ensure secure communication and identity verification without the need for an intermediary.

Additionally, there’s an option to connect it to the Cardano blockchain for extra security. The Veridian Wallet brings everything together, enabling users to safely manage their information from their phones.

The wallet app is designed for both individuals and businesses, offering customization options for companies to adapt it to their specific needs.