Episode 075: 12‐19‐2024 Trinsic's pivot from SSI to identity acceptance - GluuFederation/identerati-office-hours GitHub Wiki
Title: Trinsic's pivot from SSI to identity acceptance
- Host: Mike Schwartz, Founder/CEO Gluu
- Guest: Riley Hughes, Cofounder, CEO at Trinsic
Description
SSI adoption has been slow for years. Trinsic has iterated a great deal in the space and settled on a new business model in identity acceptance. Riley will walk us through lessons learned and how it led them to disrupt the identity verification market.
Homework
Takeaways
⚡ Trinsic wants to be the "Janrain" of re-usable identity--providing websites with one API and user experience to connect websites to multiple eKYC platforms, like Clear, Yoti and Dentity. They reduce the legal and technical burden on websites, who might otherwise one-off support each eKYC provider.
⚡ The eKYC market will not be "winner take all". The US is encouraging competition. While ID-me is doing a great job, they will not be the only option in the US. And Trinsic is looking at a global market, e.g. accepting EIDAS credentials and other regional resusable identity credentials presented from a digital wallet.
⚡ Trinsic is proxying, so they do see PII in transit. But PII is never persisted or logged.
⚡ User experience is improved by filtering on the credentials that are acceptable for the website. For example, if a picture of a valid drivers license is needed to rent a car, don't present eKYC IDPs that don't provide a photo of the plastic credential.
⚡ Trinsic divested their original verifiable credential business because of lack of product market fit. Customers didn't seem to want the solutions built with the technology. And if they did, not in enough quantity to satisfy the growth requirements for a VC backed tech startup.