28 June 2017
visit www.finastra.com

SecureKey taps IBM to put identity on the blockchain

20 March 2017  |  11499 views  |  0 Hourly Markets

IBM has rolled out an enterprise-ready build-your-own blockchain platform and announced a collaboration with Canada's SecureKey on the commercial development of a federated identity service using the Hyperledger Frabric.

Dubbed 'IBM Blockchain', the new framework is designed to help developers create, deploy and manage highly secure blockchain networks on the IBM Cloud. Clients ranging from startup Everledger to financial services firms Bank of Tokyo-Mitsubishi UFJ and Northern Trust are among the organisations already running their DLT applications on IBM's Hyperledger Fabric.

Marie Wieck, general manager, IBM Blockchain, says: "IBM's blockchain services are built on IBM's High Security Business Network and designed for organisations that require blockchain networks that are trusted, open and ready for business."

The tamper-resistant toolset is augmented with new governance rules for assigning roles and levels of visibility into the blockchain network from a single dashboard, and an open-source developer kit for creating API-based user interfaces to the network.

The blockchain-as-a-service platform made its debut at Big Blue's InterConnect developer conference, where the computing giant also announced a collaboration with SecureKey to create a digital identity and attribute sharing network running over a permissioned blockchain.

The network is currently in the testing phase in Canada, and once it goes live later in 2017 Canadian consumers will be able to opt-in to the new service using a mobile app.

Six of Canada's leading financial institutions participated in a $27 million funding round for SecureKey in October last year and pledged their support to the development of the network which will enable consumers to use their online banking credentials to log in to public and private sector Web services.

IBM's Wieck says the approach will help tackle the toughest challenges surrounding identity. “This method is an entirely different approach to identity verification, and together with SecureKey, we have a head start on putting it on the blockchain," she says. "This is a prime example of the type of innovation permissioned blockchain networks can accelerate.”

Eddy Ortiz, VP, solution acceleration and innovation, RBC, concurs: “Canada has an important opportunity to innovate with emerging technologies like blockchain to advance digital identity in Canada.”

The InterConnect conference also featured the launch of a new set of building blocks for the creation of financial services apps on the IBM Cloud.

Initially available in beta, the tools are designed to simplify the time-consuming tasks of selection, mapping and data integration for firms when combining IBM services with their own data.

Other initiatives spotlighted at the event include the development of a Singapore fintech hub with the support of the country's government and an expansion of IBM's business partner programme for financial services.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

IBM and Maersk advance blockchain project for global trade

IBM and Maersk advance blockchain project for global trade

06 March 2017  |  8492 views  |  0 comments | 14 tweets | 7 linkedin
Northern Trust runs private equity fund on blockchain

Northern Trust runs private equity fund on blockchain

22 February 2017  |  14602 views  |  0 comments | 9 tweets | 9 linkedin
IBM and Dubai Government initiate blockchain logistics initiative

IBM and Dubai Government initiate blockchain logistics initiative

07 February 2017  |  12712 views  |  0 comments | 8 tweets | 9 linkedin
DTCC to build post-trade distributed ledger framework for derivatives

DTCC to build post-trade distributed ledger framework for derivatives

09 January 2017  |  7488 views  |  0 comments | 20 tweets | 17 linkedin
Yes Bank uses blockchain to help client with vendor financing

Yes Bank uses blockchain to help client with vendor financing

04 January 2017  |  10682 views  |  1 comments | 14 tweets | 13 linkedin
Thailand's KBank and IBM team on blockchain project

Thailand's KBank and IBM team on blockchain project

11 November 2016  |  7050 views  |  0 comments | 11 tweets | 10 linkedin
Standard Chartered and IBM back Byte Academy's Singapore fintech school

Standard Chartered and IBM back Byte Academy's Singapore fintech school

07 November 2016  |  7400 views  |  0 comments | 5 tweets | 6 linkedin
SBI Securities and IBM test blockchain for bond trading system

SBI Securities and IBM test blockchain for bond trading system

21 October 2016  |  8484 views  |  0 comments | 9 tweets | 5 linkedin
Canada's big banks join $27 million SecureKey funding round

Canada's big banks join $27 million SecureKey funding round

18 October 2016  |  5666 views  |  0 comments | 4 tweets | 9 linkedin
IBM and China UnionPay apply the blockchain to loyalty bonus point exchange

IBM and China UnionPay apply the blockchain to loyalty bonus point exchange

23 September 2016  |  9802 views  |  0 comments | 11 tweets | 5 linkedin
BTMU and IBM use blockchain for contract management

BTMU and IBM use blockchain for contract management

16 September 2016  |  9848 views  |  0 comments | 20 tweets | 16 linkedin
IBM to open first 'Centre for Blockchain Innovation' in Singapore

IBM to open first 'Centre for Blockchain Innovation' in Singapore

12 July 2016  |  7984 views  |  0 comments | 20 tweets | 21 linkedin
IBM makes blockchain cloud play

IBM makes blockchain cloud play

29 April 2016  |  12388 views  |  0 comments | 26 tweets | 24 linkedin
Royal Canadian Mint chooses SecureKey authentication tech for digital currency

Royal Canadian Mint chooses SecureKey authentication tech for digital currency

20 February 2014  |  4314 views  |  0 comments | 6 tweets | 8 linkedin
ING Direct joins Canadian federated ID exchange network

ING Direct joins Canadian federated ID exchange network

03 December 2013  |  3855 views  |  0 comments | 3 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.events.sap.comvisit www.finastra.comdownload the report now

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
11415 views comments | 4 tweets | 5 linkedin
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
8903 views comments | 19 tweets | 34 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8402 views comments | 9 tweets | 6 linkedin
hands typing furiouslyArtificial Intelligence- Computer to IOT
8336 views 0 | 4 tweets | 2 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job