Data privacy problems have been escalating in 2022 as personal information is increasingly being used to fight COVID-19. The Linux Foundation, a non-turn a profit technology consortium, has today appear a new data privacy projection featuring dozens of cross-manufacture giants like Mastercard and IBM.

Called the ToIP Foundation, the new data trust coalition aims to provide a trusted commutation of data over the cyberspace and plant a global standard to ensure digital trust.

Blockchain consortium R3 outlines Corda's potential for individual transactions

Co-ordinate to a May 5 proclamation, the ToIP Foundation's participants include a wide list of companies, governments and nonprofits across industries similar finance, enterprise software and health care.

Founding members include payment behemothic Mastercard, IBM Security and Accenture, while contributing members characteristic major blockchain consortium R3, the Academy of Arkansas and online lending platform Kiva. The Province of British Columbia is likewise amidst its founding members, the ToIP Foundation said.

Abbas Ali, head of digital identity at R3, highlighted that R3 is highly committed to the development of secure, trusted and privacy-preserving digital identity ecosystems. The exec noted that R3'southward open-source enterprise blockchain platform, Corda, is able to unlock private transactions:

"Our Corda platform is designed to enable private transactions, and by incorporating the work of the ToIP Foundation, we can develop solutions uniquely suitable for cocky-sovereignty in the digital earth."

Ali told to Cointelegraph that the firm is not looking to implement Corda within the ToIP explaining:

"R3 is supporting the industry initiative and ensuring Corda works with the standards that are coming out of the ToIP foundation/standards that are being divers or set by ToIP."

Enabling the digital trust layer that the internet was missing

The new pan-manufacture initiative hopes to enable a new level of digital identity and verifiable data substitution, the Linux Foundation's executive manager Jim Zemlin said. Zemlin outlined that the mission of ToIP Foundation is to "provide the digital trust layer that was missing in the original design of the cyberspace" and trigger a "new era of human possibility."

Specifically, the new information privacy project aims to help businesses protect and manage digital assets and data in a complex enterprise environment involving systems similar the Internet of Things and artificial intelligence.

To accost these challenges, the ToIP Foundation plans to apply digital identity models that apply interoperable digital wallets and credentials and the new W3C Verifiable Credentials standard.

While various initiatives and protocols aim to solve the consequence of digital privacy, some experts believe that later a decade of talk, blockchain has still failed to deliver on that account.