Five Banks Now Let Users Verify Their Identities Using a Blockchain App

Five Canadian banks now let customers digitally verify their identities in a "privacy-enhanced and secure way" using blockchain technology.

For the effort, Canadian Imperial Bank of Commerce (CBIC), Royal Bank of Canada (RBC), Scotiabank, Toronto–Dominion (TD) Bank and Desjardins Group have integrated with a mobile app called Verified.Me, developed by SecureKey Technologies.

SecureKey announced the news Wednesday, explaining that the app – available for both iOS and Android – is built on IBM Blockchain, which in turn is based on Hyperledger Fabric v1.2. It will further be interoperable with Hyperledger Indy projects – a distributed ledger system designed for decentralized identity solutions.

Peter Tilton, senior vice president of digital at RBC, said:

“Security and trust are two expectations that consumers have when it comes to their personal information and digital identity. Creating seamless and convenient experiences that consumers have come to expect, based on these imperatives of security and trust, are fundamental to meeting their evolving digital needs.”

Sun Life Financial has also signed on as the first North American insurer on the service, SecureKey said, adding that two other banks – BMO Bank of Montreal and National Bank of Canada – will also use the product soon.

“We are entering a new era in which Canadians can clearly and confidently assert when, why and with whom their digital identity assets are shared,” said Katie Greenberg, vice president for digital products and retail payments at Scotiabank.

Verified.Me is a joint initiative between various government agencies and companies, including the Digital ID and Authentication Council of Canada, the U.S. Department of Homeland Security Science and Technology Directorate, credit rating agency Equifax and EnStream, a joint venture of Canadian telecoms firms.

Smartphone user image via Shutterstock