The Canadian banking industry has live-launched a blockchain-based solution for identity verification. It is meant to let individuals provide access – for caregivers, telcos and other companies they trust – to personal data in smooth but controlled ways.
Financial news site Finextra has picked up the news of the new application, already up and running with banks CIBC, Desjardins, RBC, Scotiabank and TD. BMO and National Bank of Canada are to add it shortly.
Keeps track of the rights given
The software solution, called Verified Me, is developed by a Toronto-based company named Securekey. It rests in turn on IBM’s blockchain platform.
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The blockchain handles authorizations but does not itself hold the private data to be shared.