Five Canadian banks have integrated a blockchain-based identity solution developed by SecureKey Technologies, announced in a press release on May 1.
Named Verified.Me, the identification system is available to customers of CIBC, Desjardins, RBC, Scotiabank and TD across Canada; with BMO Bank of Montreal and National Bank of Canada to follow, and Sun Life Financial expected to be the first North American adopter of the technology.
Founder and CEO of SecureKey, Greg Wolfond, describes how the "announcement marks the first time that consumers are officially able to access the Verified.Me application and gain greater control over their digital identities." He continued:
“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.”
The service is built on top of the IBM Blockchain, which in turn is based on Hyperledger Fabric v1.2. This allows the system to be interoperable with Hyperledger Indy projects in future.
The Verified.Me app is available for download on iOS and Android devices, and allows users to verify their identity quickly and securely using personal information that they consent to share, such as financial data.
Indeed, the ownership of one's digital identity is something of increasing concern to people across the globe.
On April 2, PayPal made their first foray into blockchain technology when they invested in digital identity startup Cambridge Blockchain.