Blockchain-based ID verification system goes live in Canada
A blockchain-based digital identity verification network has launched in Canada with the backing of several major financial institutions, reports Jane Connolly.
Finextra reports that SecureKey’s Verified.Me app – developed over more than two years to simplify online verification processes for customers – has gone live.
Users download the app and give their consent to allow connections, such as banks, to share encrypted personal information about them with third parties in real-time. No data is held within the app.
CIBC, Desjardins, Royal Bank of Canada, Scotiabank and TD are already on board; customers of BMO and National Bank of Canada will be able to add their banks as connections soon. Finextra reports that the network also has support in the insurance and telecoms industries.
The launch comes just three months after the Canadian Bankers Association called for the nation to embrace blockchain and biometrics in digital identification.
“The issues with identity today would be impossible to tackle without strong industry collaboration,” says Yann Jodoin, head, payments and everyday banking, Desjardins. “By taking a network approach with Verified.Me, we provide our members with a stronger control over their information where and when they want, with peace of mind thanks to improved privacy and security.”
Built on top of IBM technology, Verified.Me is described as a “holistic approach” to digital identity that protects the interests of both consumers and businesses.