The non-profit tech organization The Linux Foundation has reportedly disclosed details regarding a project focusing on data privacy, with the participants from key players of different sectors like IBM or Mastercard.

Specifically, the new project – dubbed “the ToIP Foundation” was particularly designed to reportedly establish an Internet-based data exchange connection that can be trusted, as well as coming up with an international standard to achieve digital trust

Particularly, the ToIP Foundation is reportedly made up of a wide array of firms, governments, and nonprofits, covering numerous sectors, nominally finance, enterprise software, and health care.

These membering key heavyweights include major payment company  Mastercard, IBM Security and Accenture, and also feature contributing companies, nominally major blockchain consortium R3, the University of Arkansas, and online lending platform Kiva, and the Province of British Columbia. 

Abbas Ali – R3 digital identity director – reportedly emphasized that R3 is devoted to building secure, trusted, and privacy-preserving digital identity ecosystems. 

The new multi-sector project reportedly looks to come up with a new tier of digital identity and verifiable data exchange, claimed the Linux Foundation’s executive director Jim Zemlin, via offering a method for firms to protect and manage crypto assets and data, within a complex enterprise environment, with the presence of cutting-edge techs. 

Digital identity models that use interoperable digital wallets and credentials, and the W3C Verifiable Credentials standard will reportedly be utilized to resolve these challenges.