The new digital-identity system is developed by SecureKey Technologies and underpinned by IBM’s blockchain technology, and it will be revealed in the first half of 2018. Consumers will be able to instantly prove who they are to banks, telecom providers and governments using apps on their phones and Windows devices.
The technology puts control of personal information directly in consumers’ hands and uses blockchain, the digital ledger, to privately share details without going through a central system.
Canada’s six-largest lenders, including Toronto-Dominion Bank and Royal Bank of Canada invested USD 24 million in the project. The country’s three main wireless carriers, owned by Rogers Communications, Telus and BCE, are also involved through their EnStream venture, along with a number of provincial governments.
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