Canadian Bankers Association (CBA) Executive Praises Blockchain for Securing Digital ID Data

The Chief Executive of the Canadian Banker Association has spoken during a recent presentation in Toronto during the Economic Club and he is enthusiastic about using the blockchain technology as part of the digital ID system that is being developed for Canadians.

Neil Parmenter has affirmed that a solution that could be secure and would be necessary to create the online service. According to him, the blockchain technology, which uses a public ledger and cannot be changed or tampered with, can be an excellent solution for the implementation of the digital ID system.

As Canada is looking at open banking as a way to re-envision its banking sector and let more fintech companies participate in it, the use of the blockchain can be very important for the success of the operations. Now, the government has launched a process of consultation for this concept and will develop it into the future.

Parmenter has affirmed that instead of relying on old paper documents like a driver’s license, using a blockchain with multiple digital references points could be a fairly better idea because they are not so easy to fake.

As the network would always be connected, the system would be way harder to compromise and would eliminate points of entry for hackers and other fraudsters.

Plans For The Future

The commission has originally sketched the plans for the new digital ID system already. It was made in May 2018. At the time, the document did not make mention to the use of the blockchain technology. However, the documents praised similar systems in Estonia and India.

At the moment nobody knows whether the Canadian system will actually use the blockchain or not, the only certain fact is that it will exist in the future. Canada is already looking to use the blockchain technology in many fields, which involve customs and borders, too.

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