Five Canadian Banks To Implement Blockchain Technology For Identity Protection Purposes
In a recent publishing by Bloomberg, it has come to our attention that five Canadian banks have taken the initiative to implement blockchain technology for identity verification purposes. As per the claims made, said technology is provided by SecureKey Technology Inc, namely through their Verified.Me system. (Bloomberg)
The five banks include Royal Bank of Canada, Bank of Nova Scotia, TD Canada, Canadian Imperial Bank, and Desjardins Group. Other banks that are supposedly planning to implement blockchain in the near future include Bank of Montreal (BMO) and National Bank of Canada.
As for how the implemented technology will work, it has been revealed that the identity verification system will be conducted via the banks’ mobile applications. In the future, the CEO of SecureKey, Greg Wolfond, hopes to see their Verified.Me be utilized to ensure one’s identity matches their health records.
Wolfond also shared that this endeavor could potentially allow one to be,
“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 […] They’re going to be able to share their data in a secure and trusted way.”