The Findy (Finnish Hyperledger Indy) network is owned by a non-profit group of members from both the public and private sectors that has grown to include Nordea, OP Bank, the Finnish Tax Administration, Kela (the Social Insurance Institution of Finland), Nixu, Finnish Post, TietoEVRY and the Vastuu Group. Findy is governed in collaboration by the consortium members and a formal co-operative was established in May 2021, resulting in Findy becoming a legal entity. The Findy network aims to go live in 2022, with widespread adoption in Finland occurring during 2023.
Ville Sointu, Head of Emerging Technology at Nordea, says: “Findy began in 2018 and has existed as a consortium project from then on. At that time, after discussing the feasibility of joining international self-sovereign identity network initiatives, we quickly realised that global networks face challenges when it comes to scaling them to the local level. We are not able to really use data from global networks unless we have a governing rule book and contractual framework that guarantees the source of that data. Delivering these requirements from global organisations and global networks creates a huge challenge.”
“Therefore we took most of the principles of these global self-sovereign identity data networks and transferred them to a local Finnish setting. The idea was to build a similar network but with local governance tied to local laws, local trust systems and local regulations. We also wanted to make sure that we have uniform architecture with other similar initiatives globally so that we can ultimately create interoperability. The reason for the local dimension is that we needed to establish trust from the ground up instead of bringing in a global system to do the same,” adds Ville.