Canadian banks adopt blockchain-based digital identity network

Canadian banks adopt blockchain-based digital identity network

A Toronto-based provider of identity and authentication solutions, has secured partnerships with five major Canadian banks, which will now use the company’s digital identity network Verify.Me.

SecureKey Technologies announced yesterday that Verify.Me was available to Canada-based customers of Canadian Imperial Bank of Commerce (CBIC), Desjardins, TD, Royal Bank of Canada (RBC) and Scotiabank. Customers of these financial institutions would be able to use the platform to help verify their identities online “in a privacy-enhanced and secure way”, SecureKey said, adding that BMO Bank of Montreal and National Bank of Canada were set to adopt the solution soon. Meanwhile, Sun Life Financial has also signed on as an early adopter, becoming the first North American insurer on the service.

“This announcement marks the first time that consumers are officially able to access the Verified.Me application and gain greater control over their digital identities,” Greg Wolfond, the founder and chief executive officer of SecureKey, said in a statement. “Digital identity is one of the most enduring challenges of our time, and having the opportunity to showcase how a network of cross-industry organizations can come together to build a solution by and for consumers is an honour. We are excited to bring this first-of-its-kind network to market and look forward to its expansion as new participants join our service.”

Verify.Me, which is available on iOS and Android devices, utilises blockchain technology to “securely and privately” transfer users’ personal data to a network of trusted participants. The solution allows users to choose when to share their information and with whom, “reducing unnecessary oversharing of personal information”. The service’s “strong security protocols” ensure that personal information is protected.

This is just one example of how blockchain technology can be used to improve security in the digital space. Companies are already working on developing solutions for safer digital storage, DNS and online payments, among others.

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