Cardano Foundation Takes Steps Against $1.7 Billion Data Breach Threat by Introducing New Privacy Tools
Author: Shaurya Malwa | Edited by: Aoyon Ashraf Updated: Apr 4, 2025 2:11 PM Published: Apr 4, 2025 1:00 PM
The Cardano Foundation has launched Veridian, a new open-source platform designed to help people and organizations manage their digital identities, according to a press release published on Friday.
In addition, Veridian Wallet was introduced, a tool that protects personal data and allows users to verify their identity online, avoiding the usual problems associated with the transmission of confidential information.
The launch comes at a time when verifying your identity online is more important and risky than ever. Whether it’s healthcare, banking, shipping or school records, existing systems often leave data at risk, and with the rise of smart devices and AI, these flaws are becoming increasingly difficult to fix, the foundation said.
“From healthcare and finance to supply chains and educational institutions, identity verification is a fundamental element of trust,” Thomas A. Mayfield, director of decentralized trust and identity solutions at the Cardano Foundation, said in a press release. “However, existing solutions often lack security and control over credentials, leading to frequent breaches. Last year alone, 1.7 billion records were compromised in the United States.”
Veridian solves this problem by allowing users to control their data instead of handing it over to a central authority. The platform uses open, shared tools to enable legitimate communication and identity verification without intermediaries.
There is even the option to link it to the Cardano blockchain for added security. Veridian Wallet brings it all together, allowing people to securely manage their data from their mobile devices.
The wallet app is designed for both individuals and organizations, and companies can customize it to suit their needs.
Read more: Cardano: An in-depth look at Trump Reserve token whose blockchain ignores TVL
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