IBM Intro Blockchain-Based Digital Identity Verification

IBM Intro Blockchain-Based Digital Identity Verification

by Staff Writer

Global Tech giant IBM is taking online identity authentication seriously.

The company has teamed-up with SecureKey Technologies to work together to enable a new digital identity and attribute sharing network based on IBM Blockchain.

The network will be designed to make it easier for consumers to verify they are who they say they are, in a privacy-enhanced, security-rich and efficient way. When launched later this year, consumers can use the network to instantly verify their identity for services such as new bank accounts, driver’s licenses or utilities.

The network is currently in the testing phase in Canada, and once it goes live later in 2017 Canadian consumers will be able to opt-in to the new blockchain-based service using a mobile app.

Consumers – or network members – will be able to control what identifying information they share from trusted credentials to the organizations of their choice, for those organizations to quickly and efficiently validate the consumer’s identity and arrange new services.

For example, if a consumer has proven their identity with their bank and a credit agency, they can grant permission to share their data with a utility to create a new account. Since the bank and the credit agency have already gone through extensive verification of the consumer’s identity, the utility can choose to rely on the fact that the information is verified, and the consumer can be approved for new services.

“What IBM is building with SecureKey and members of the digital identity ecosystem in Canada, including major banks, telecom companies and government agencies, will help tackle the toughest challenges surrounding identity,” said Marie Wieck, general manager, IBM Blockchain.

“This method is an entirely different approach to identity verification, and together with SecureKey, we have a head start on putting it on the blockchain. This is a prime example of the type of innovation permissioned blockchain networks can accelerate.”

Canada’s leading banks, including BMO, CIBC, Desjardins, RBC, Scotiabank and TD joined the digital identity ecosystem in October, 2016, investing $27 million collectively in SecureKey.

“Our goal for this partnership is to accelerate the pace at which we can develop a service to help consumers better manage, protect and control their digital assets and identity, and ultimately provide our customers with greater convenience and a better overall experience,” said Andrew Irvine, Head of Commercial Banking and Partnerships, BMO Bank of Montreal.

 

COMMENTS

WORDPRESS: 0
DISQUS: 0