Banks in Canada Now Let Users Verify Their Identities Using Blockchain Technology

Banks in Canada Now Let Users Verify Their Identities Using Blockchain Technology

andrewzap
05/4/19 7:57 AM 2019-05-16 07:50:10
Blockchain technology has indeed gained mass adoption and Canada is among the top countries that have emerged as a hub for the technology. In fact Canada is seen as the 3rd leading blockchain and cryp

Blockchain technology has indeed gained mass adoption and Canada is among the top countries that have emerged as a hub for the technology. In fact Canada is seen as the 3rd leading blockchain and crypto nation. Canada is home to the famous Vitalik Buterin, it excels as a centre for cryptocurrency mining, and has quite friendly crypto regulations.

It is quite obvious how blockchain experiments bring together a perfect blend of Canadian elements. Blockchain Canada is evidence enough. The platform was founded with an aim to prove that blockchains have the potential to transform aspects of Canada’s social, financial and governance systems in ways that make them more transparent, equitable and decentralized.

Delving More into Blockchain

Today Canadian banks are taping the blockchain technology to verify client identities. These five banks including, Canadian Imperial Bank of Commerce (CBIC), Royal Bank of Canada (RBC), Bank of Nova Scotia, Toronto–Dominion (TD) Bank and Desjardins Group have integrated with a mobile app called Verified.Me, developed by SecureKey Technologies, an identity and authentication provider.

SecureKey Technologies Inc. made the announcement that its Verified.Me digital ID system would be available at the five Canadian banks in a mobile app on Wednesday. SecureKey Technologies detailed that the app, built on IBM Blockchain, would be available for both Android and iOS. Apparently, the IBM Blockchain is based on Hyperledger Fabric version 1.2.

Peter Tilton, the senior VP of digital at RBC said;

“Security and trust are two expectations that consumers have when it comes to their personal information and digital identity. Creating seamless and convenient experiences that consumers have come to expect, based on these imperatives of security and trust, are fundamental to meeting their evolving digital needs.”

This new innovation aims to create a more seamless way for Canadians to access the products and services they need.

According to Greg Wolfond, Founder and CEO, SecureKey Technologies,

“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.” 

Verified.Me is a digital identity, blockchain-backed network that eases the sharing of personal information so as to allow safe, quick and secure identity verification.

andrewzap
I'm a news contributor for Blockgeeks and CEO of CoinPRKit.io – Blockgeeks marketing partner.

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