Trusted Key

Trusted Key emerged in 2016 as a specialized developer of a secure digital identity platform rooted in blockchain technology. The company was co-founded by Prakash Sundaresan and Amit Mital, both former Microsoft executives, with Sundaresan also bringing experience from his time at Oracle. The venture originated within Kernel Labs, a Seattle-based startup studio led by Mital, which focuses on creating new companies in fields like machine learning and cybersecurity. Amit Jasuja, with a background at Oracle and Symantec, was brought on to lead the company as CEO.

The core of Trusted Key's business was to provide a decentralized identity solution, moving beyond traditional passwords and multi-factor authentication. Its platform converted government-issued identification into secure cryptographic credentials, which were then stored in a user-controlled digital identity wallet. This allowed a user to be verified once and then use that single digital identity to securely access a network of providers, such as financial institutions, healthcare companies, and other enterprises, without repeated identity validation processes. The business model focused on enabling client organizations to accelerate online customer acquisition and secure transactions by providing a trusted and streamlined identity verification mechanism. The company conducted pilot projects with notable organizations including Wells Fargo and the healthcare consortium H-ISAC.

Financially, Trusted Key secured a significant milestone with a $3 million seed funding round in 2018, led by Founders' Co-op and with participation from Pithia, a venture firm focused on blockchain startups. This funding was aimed at accelerating innovation and business expansion. In a strategic move in July 2019, Trusted Key was acquired by Workday, a major enterprise cloud software company, for an undisclosed amount. The acquisition was driven by Workday's ambition to integrate blockchain technology for credentialing, aiming to digitize and secure work-related credentials like licenses and certifications. The decision to sell was also influenced by feedback from Trusted Key's customers, who desired the integration of its identity solution into a larger business software ecosystem.

Keywords: digital identity, blockchain security, identity verification, decentralized identity, passwordless authentication, cryptographic credentials, identity wallet, secure authentication, Workday acquisition, Kernel Labs, Prakash Sundaresan, Amit Mital, Amit Jasuja, user-controlled identity, identity and access management, enterprise security, seed funding, secure transactions, financial services identity, healthcare identity