Canadian Banks Adopt Blockchain for Users Identity Verification

Customers of five different Canadian banks are now open to a more secure banking experience with blockchain technology.

According to a report from Bloomberg, five banks in Canada have taken a big leap to implement “Verified.Me,” an identity verification system developed by the SecureKey Technologies Inc.

The banks – Toronto-Dominion Bank, Royal Bank of Canada, Bank of Nova Scotia, Desjardins Group, and Canadian Imperial Bank of Commerce, believe the development will go a long way to ensure customers fund are adequately secured through the concept of the Verified.Me.

Toronto-based SecureKey noted that the proposed network is developed on collaboration among several sectors, including telecommunication firms, credit agencies, and banks.

Knowing that customers from these banks can access the identity system in a mobile app, the CEO of SecureKey,  Greg Wolfond expressed that he wants users to confirm identities via Verified.Me, to open or access bank accounts, telecom firms, and as well as receive services from the government by the year-end.

In an interview, Mr Wolfond said, “Everything from being able to see your health records securely, being 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.”

A closer insight into the Verified.Me shows the identity verification system has a whole lot of features to offer to users.

“They’re going to be able to share their data in a secure and trusted way, which they never really could before,” Mr. Wolfond added.

Seeing the progressive impact of the identity system Verified.Me since its launch in October 2016, various notable firms both within and outside Canada have dive to collaborate with the startup, including telecom companies, government agencies, Prodigy Ventures Inc., and others.

While others are yet to consider a move to implement the system, the identity services will soon be accessible to customers from the National Bank of Canada and Bank of Montreal, while the Sun Life Financial becomes the first insurance company to adopt the system in North America.