1. What is the mission and vision of Mavennet?
Mavennet’s vision is to build a new world of trust.
We strive to empower large enterprises with better and more effective ways to securely share information and value. We build on technologies such as blockchain and AI to help transform entire industries. Our focus extends to several industries: financial services, supply chain, energy, the public sector and media and entertainment. Our business focuses on challenging the status quo of industries that are in need for disruption, either internally or externally.
2. Why is trustworthy digital identity critical for existing and emerging markets?
Identity is at the foundation of any sharing of value or information.
Traditional identity management systems are vulnerable to single points of failure, they raise privacy issues for the data they carry and limit the possibility of secure interoperability. In industries with business processes that rely on complex workflows or transactions amongst multiple stakeholders, the need for trustworthy digital identity becomes paramount.
At Mavennet, we are implementing decentralized identifiers to our suite of supply chain products to be able to associate a robust digital identity to actors and assets along a network. In conjunction with verifiable credentials (VCs) we enable cryptographically sound and privacy preserving claims that provide transparency and traceability to value chain participants. Ultimately, this trusted digital history of physical assets enables industries to have reliable provenance of goods and attribute actions to stakeholders. This addresses the most pressing pain points of global supply chains: traceability, auditability, flexibility and stakeholder management.
Unlocking trustworthy digital identity in a way that is easy to implement in existing enterprise environments and can be readily adopted by multiple industries is crucial. It opens new pathways to emerging markets that are vulnerable to lack of trust amongst participants.
3. How will digital identity transform the Canadian and global economy? How does Mavennet address challenges associated with this transformation?
The COVID-19 pandemic has demonstrated the lack of responsiveness and flexibility of global supply chains, as evidenced by the spike in closures of manufacturing facilities and the unmet demand for basic commodities. An added concern for international trade is the rise in counterfeiting, which exceeds $900 billion USD annually. These threats to the security and stability of global supply chains can be in part offset by the adoption of digital identities. Their power to unlock fast, secure and trustworthy exchanges, can significantly improve the operational and business process efficiency of industries as a whole. This overhaul of internal traditional processes translates into more globally competitive businesses and positions Canada as an incrementally valuable trading partner.
Mavennet has been deeply involved in the space of decentralized identities and VCs through the deployment of an energy traceability platform that provides end-to-end visibility of assets. This solution, called Neoflow, has laid out new standards for exchange of data in the form of VCs between supply chain stakeholders by identifying them with a unique decentralized identifier. Our goal is to aid the transformation towards digital identities by providing a set of standards and APIs that enable seamless integration with other vendors with the same vision and legacy systems.
4. What role does Canada have to play as a leader in the space?
Canada is particularly well poised to act as a leader in this space, given its strong international voice relative to its size.
Canada has a unique opportunity to drive the standards for adoption at an international level, due to its position as a global emerging innovation ecosystem and technology hub. Further, as a top global exporter of crude oil, gold, wheat, aluminum and others, Canada plays a key role in the way that international trade is conducted. The country has the international relevance to coordinate and propagate digital identity initiatives.
5. Why did Mavennet join the DIACC?
Defining identity standards collaboratively is an essential step when you are looking at transforming entire industries. Up to now we have been doing work with decentralized identity and VCs standards applied to the industries we focus on. We hope to leverage our experience and vision to contribute to the work DIACC does and help raise the water level for Canadian technology as a whole.
6. What else should we know about Mavennet?
We are currently working on exciting solutions for governments and multinational companies in Canada, US and Europe. The core IP of these solutions involves identity management, asset traceability, digital assets, analytics and artificial intelligence. Some of these are:
Earlier this year Mavennet launched an EU sponsored multinational blockchain research project funded at $12 million CAD. Mavennet leads the consortium as the technical lead. In this way, we are excited to continue contributing to the digital identity space and to be in such a privileged company with the DIACC.