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Canada Launched Bank Backed, Blockchain Based ID Verification Network

It has been recently revealed that a Canadian blockchain-based digital identity verification network backed by the country’s banking industry has gone live, thus ensuring that people will have an easy way to share their personal information — the Verified.Me app, which has been developed by Toronto-based SecureKey, will be assisting users in verifying their identity online, in person and on the phone, in a reasonably uncomplicated way, by using the information they consent to share from connections, such as banks. This is to access things like health records and government services and to open accounts with banks and telcos.

The reports reveal that the customers of CIBC, Desjardins, RBC, Scotiabank and TD can already add their providers as connections, while BMO and National Bank of Canada are soon to follow. The network also has buy-in from the telecoms and insurance industries.

SecureKey says Verified.Me, which is built on top of IBM blockchain technology, offers a holistic approach to digital identity that protects the interest of consumers and businesses by simplifying the sharing of personal information in a safe way. Lionel Pimpin, the SVP, digital channels, National Bank of Canada, said,

“Verified.Me uses blockchain technology to make the online identification process faster, more private and more secure for consumers,”

Customers can download the app and add connections and can then choose to let those connections share encrypted information about them in real-time with select third parties. No information is stored in the actual app. Yann Jodoin, head, payments and everyday banking, Desjardins, added,

“The issues with identity today would be impossible to tackle without strong industry collaboration…By taking a network approach with Verified.Me, we provide our members with a stronger control over their information and the ability to use that information where and when they want, with peace of mind thanks to improved privacy and security.”