Wipro Lab45 Taps Into the Power of Blockchain Technology to Change the Paradigm in Digital Identification and Verification
Wipro Lab45, the innovation lab of the leading technology services and consulting company, Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), today announced the launch of its Decentralized Identity and Credential Exchange (DICE) ID, which puts users in control of their personal data and enables faster, easier and secure sharing of private information online.
Powered by blockchain technology, DICE ID enables issuance and verification of tamper-proof, self-verifiable digital credentials. DICE ID stores verified personal information from certified issuers in an identity wallet owned by the user. (See video)
All data is encrypted and embedded and only received by the user in their own identity wallet. This digital wallet can be used to share identity or credentials for a wide range of purposes—including current or potential employers, healthcare or financial services providers, or educational institutions. DICE ID puts users in control of their personal data, enabling them to decide exactly how much and what type of information they want to reveal in digital settings.
“DICE ID leverages the core tenets of blockchain technology to transform the way consumers manage their online identities,” said Subha Tatavarti , Chief Technology Officer, Wipro Limited. “Current online identification relies on the use of single sign-on services, requiring users to share personal data with multiple third-parties. DICE ID gives the power back to the individual, making it easier and safer than ever to manage sharing of personal data on digital platforms. We believe decentralized identity and verifiable credentials technology will become a game-changer resulting in a metamorphosis of the identity space. And we are thrilled to be at the forefront of this innovative technology.”
DICE ID leverages W3C (World Wide Web Consortium) verifiable credential open data model, which makes credentials machine-readable and interoperable and allows for secure exchange between ecosystem players.
Piloted by select clients since September 2022, DICE ID is already being applied in many ways, particularly proving powerful in credential verification for talent/crowd sourcing purposes.
Among the use cases for DICE ID are:
- Ed-tech organizations, colleges, and crowdsourcing communities are using DICE ID to create a talent exchange ecosystem through portable skill credentials for learners and freelancers.
- Fintech and financial institutions are using DICE ID to handle user's consent and share their data while preserving their privacy and confidentiality.
- Health-tech startups are using DICE ID to safeguard medical data, enhancing patients’ trust on their platform.
- Government-affiliated institutions are using DICE ID to help citizens prove their eligibility for benefits and other social schemes.
- Metaverse platforms are using DICE ID to create Sybil-resistant communities through pseudonymous identities for avatars.
To learn more about Lab45, please visit www.wipro.com/lab45; for DICE ID, https://www.diceid.com/
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 250,000 employees and business partners across 66 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations, and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
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