Canadian bank-backed blockchain-based ID verification system launches

Canadian bank-backed blockchain-based ID verification system launches

A Canadian blockchain-based digital identity verification network backed by the country's banking industry has gone live, giving people an easy way to share their personal information.

Developed by Toronto-based SecureKey, the Verified.Me app helps users verify their identity simply online, in person and on the phone using information they consent to share from connections, such as banks, to access things like health records and government services, and to open accounts with banks and telcos.

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

SecureKey says Verify.Me, which is built on top of IBM blockchain technology, offers a holistic approach to digital identity that protect the interest of consumers and businesses by simplifying the sharing of personal information in a safe way.

Customers 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.

"Verified.Me uses blockchain technology to make the online identification process faster, more private and more secure for consumers," says Lionel Pimpin, SVP, digital channels, National Bank of Canada.

Yann Jodoin, head, payments and everyday banking, Desjardins, adds: "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."

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