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Workday Buys Blockchain-Based Identity Management Innovator Trusted Key

Seattle, Washington-based Trusted Key will bring its innovations in blockchain-based, digital identity management technology to Workday, courtesy of a recently-announced acquisition. Terms of the deal were not disclosed.

“With our new platform, Workday wants to bring credentials into the digital age,” Workday SVP Jon Ruggiero wrote in a blog post discussing the role of credentialization in identity management. He highlighted the way that blockchain technology can help create “a new form of digital credential – one that puts individuals in control of their data, and is portable, authentic, and secure.”

Trusted Key’s digital identity management technology enables financial institutions to leverage credentialization and tokenization to provide a more seamless and secure authentication experience for users. The platform uses strong cryptography and blockchain technology to convert government-issued identity documents into secure, cryptographic credentials and tokens. These tokens can be used to securely establish identity to access both online assets as well as mobile apps, without relying on passwords. The credentials can also be used to authorize transactions and make digital signatures.

A leading cloud core financial management suite provider, Workday will use blockchain-powered credentialing technology to help companies improve their HR operations to more efficiently verify applicant skills and qualifications, as well as to onboard new workers. As Ruggiero noted, digital credentialing does more than just alleviate an otherwise time-consuming, error-prone manual process. It also makes it easier for firms to respond to a changing workforce that is both “more mobile, distributed, and diverse,” and helps companies in tight labor markets move faster and with less friction to attract and onboard their preferred candidates.

Launched in 2005 and headquartered in Pleasanton, California, Workday was featured this year by Gartner as a leader in cloud core financial management suites. This marked the third year in a row the company has been recognized in the category. With customers ranging from Bank of America and Thomson Reuters to Netflix and Denny’s, Workday has processed more than 100 million credentials and 70 million job applications – as well as employment records, certifications, licenses, and more. The publicly-traded company is listed on the NASDAQ under the ticker WDAY and has a market capitalization of $48 billion. Aneel Bhusri is co-founder and CEO.

Trusted Key demonstrated its Digital Identity Platform at FinovateFall 2017. The company is also an alum of our developers conference, winning a Crowd Favorite award at FinDEVr London 2017 for its presentation, Secure Digital Identity.

Founded in 2016 by Prakash Sundaresan and Amit Mital, Trusted Key picked up $3 million funding last spring. The round, led by Founders Co-Op, took the company’s total equity financing to more than $4 million. Trusted Key is the first exit for Kernel Labs, a Seattle startup studio with a focus on machine learning, computer vision, and security.