Verified Wallet
Full Title or Meme
A Verified Wallet is a piece of software that can be installed on a mobile computing device with a Secure Enclave that an App Assessor has determined to meet the Software Assessment Criteria for protecting user data both on-site and in-flight.
Context
- This specification is designed to fill the needs of a mobile app that can be used to hold and release user credentials and personal information only as the user intends.
- The best example of a trusted wallet in 2020 is a well-known smartphone app that can hold and release Blockchain cash like Bitcoin.
- With the extensions of Digital Identifiers like eID in the EU and user held personal health records as mandated by the 21st Century Cures act, it is time for users to be able to determine if an app is verified to meet their needs before the load it and trust their money or the most personal information to it.
- The US FTC Warns Health Apps and Connected Device Companies to Comply With Health Breach Notification Rule
- The German Government announced the completion of the first phase of a digital wallet for a Self-Sovereign Identity wallet on 2021-09-15 that needs to be sanctioned by the various members of the EU by 2022-09.
Existing Regulations
The FTC issued the Health Breach Notification Rule, which requires vendors of personal health records and related entities to notify consumers, the FTC, and, in some cases, the media when that data is disclosed or acquired without the consumers’ authorization. Over a decade later, health apps and other connected devices that collect personal health data are not only mainstream—and have increased in use during the pandemic—but are targets ripe for scammers and other cyber hacks. Yet, there are still too few privacy protections for these apps.
Solutions
A set of Software Assessment Criteria that can be tested to verify that a wallet can be installed on a mobile device so that user's perusal data (Healthcare or other) will be protected from disclosure.
