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Canadian Banks Tap Blockchain-based Digital Identity Verification

Canada is advancing in the fields of blockchain technology, allowing customers to digitally prove their identities in order to access their banking and other personal details. The technology could be used for access to buy and sell cryptocurrency in the future for greater security.

The digital identity system of SecureKey Technologies Inc, Verified.Me, is now available via a mobile app to customers of up to five Canadian banks according to a statement given on Wednesday. These banks include:

  • Canadian Imperial Bank of Commerce

  • Bank of Nova Scotia

  • Toronto-Dominion Bank

  • Royal Bank of Canada,

  • Canadian Imperial Bank of Commerce and Desjardins Group

It will soon be coming to the National Bank of Canada and the Bank of Montreal with further hopes to bring it to the Sun Life Financial Inc., making it the first non-American insurer. This shows the major banks endorsement of the technology.

It is thanks to the collaboration of telecom firms, credit card agencies and banks that made this network possible. Greg Wolfond, CEO of SecureKey says that he expects customers to use Verified.Me to prove their identities in order to safely access open accounts at banks, telephone companies, health records, and acquire government services at the end of the year. No plans have been suggested but the technology could be introduced to exchanges, reassuring traders who buy and sell Bitcoin.

Wolfond said in an interview:

“Everything from being able to see your health records in a secure way, being able to open a new bank account, being able to get a new phone — all this stuff that’s so time-consuming and painful is going to get easier for consumers”. By providing this technology, users can securely share their data in a trusted way, providing greater control.

Some projects have even developed models in which a user can sell their data to essentially buy Bitcoin but are rewarded in Bitcoin or another cryptocurrency for their data.

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