Trust Framework

a trust framework is a set of standards, protocols, and components designed to establish trust and facilitate secure data sharing between organizations it offers a robust framework for authentication, authorization, and encryption, safeguarding data integrity and confidentiality throughout the sharing process trust frameworks are not just a component of connect overview docid\ smichd2pkc0ujw2507k8x ; they are its foundation, ensuring secure, reliable, and streamlined data sharing in diverse ecosystems like open finance, open insurance and enterprise led initiatives trust frameworks role trust frameworks are adaptable to various environments, whether national, private, or enterprise sectors they can be used both to create a trust framework types docid 2whykpb70maxfiuwa nmz of a market sector participants, trust framework types docid 2whykpb70maxfiuwa nmz or a trust framework types docid 2whykpb70maxfiuwa nmz establishing a trust framework enables creating a centralized trust infrastructure define rules, processes, standards, and services to facilitate trusted connections between the trust framework participants docid\ zwoo4fno16xiy1mcodij5 providing a single location for verifying trust and revoking access as necessary allows single connection for multiple access creates a network where accredited participants can discover and connect with one another, resulting in a "single connection for multiple access" network effect reducing the complexity and enhancing the efficiency of 3rd party data sharing agreements enables customers to establish technical relationships between participants and access authorized data/services provide users with a possibility to view all available providers and establish trust for sharing their data secures and simplifies 3rd party integration enable data providers docid\ apm ilivcfpfft1ld0puc to advertise their available services in one location let them verify the accreditation, trustworthiness, and authorization of data receivers docid 0icz dap0cfxtlrhddxni they interact with provides a scalable environment for data sharing with data widely dispersed across multiple institutions, scaling trust becomes a challenge of paramount importance trust frameworks are designed to grow with the number of participants without changing the underlying rules trust framework key components accreditation trust begins with registration and verification of each \[\[participant]] at a centralized directory docid\ kt2uiavikzfzklbevp1 g this is the first step in creating a trusted ecosystem where all members are known and accredited identity verification and management this entails the methods and standards employed to confirm and maintain the identities of all trust framework participants docid\ zwoo4fno16xiy1mcodij5 in a transaction or interaction accurately, ensuring these identities are verified and managed throughout their entire existence this includes the public key infrastructure docid\ ukxpxzgjtt4iswg9nbxe0 issuing certificates allowing to confirm organization's digital identity data protection these are essential guidelines for schemes to ensure that data is handled according to legal requirements protecting sensitive information from unauthorized exposure or access these include the standards like open authorization framework (oauth) or openid connect (oidc) and best practices for safeguarding data transmission, aimed at reducing the likelihood of data breaches and cyber attacks interoperability these are standardized sets of apis to guarantee that different systems, applications, and services can interact smoothly, enabling the easy and efficient exchange of information across various platforms user consent users play a critical role in trust scaling by providing consent to third party applications, allowing them to share data via standardized apis this consent is the linchpin of data sharing, ensuring that the user retains control over who sees their data and what they see api communications trust frameworks facilitate both direct and brokered api communications this dual capability allows for a versatile range of interactions, from direct data exchange to more complex federated data sharing structures