The SecureKey blockchain system is a digital identity solution to provide bank users with more control over how they manage their personal information. The network is called Verified.Me. It’s a secure way of helping users verify their identity to access bank services faster without privacy risks.
The app is available on both mobile and desktop. It enables users to prove that they are who they say they are to use financial services.
Verified.Me was released in early May with the support of five of the top Canadian banks. These include Desjardins Group, the Canadian Imperial Bank of Commerce (CIBC), the Royal Bank of Canada (RBC), the Toronto-Dominion Bank (TD), and Scotiabank.
The National Bank of Canada and the Bank of Montreal will likely join the SecureKey blockchain system as well. They are both partners of the project.
The system could soon be implemented by Sun Life Financial as well. The company would then become the first North American insurer to use the system.
A holistic approach to digital identity for countering cyber threats
The service developed by SecureKey and its partners is by far the most significant blockchain-based project implemented in Canada.
Some of the largest institutions have contributed to making the platform functional. Canadian banks have been working to implement a blockchain-based system to protect users’ privacy in an increasingly threatening cyber environment.
Through Verified.Me, they provide users with a secure and trusted way of sharing their data online. SecureKey uses blockchain technology to transfer personal information to trusted network participants. At the same time, the platform gives users access to all the financial services provided by the participating banks. The platform provides everything users need when they need it through any Android or iOS device.
The advantage for users is that they can consent to how much personal information to share with each financial institution depending on the type of service they want to use. This way, the SecureKey blockchain system can reduce oversharing and reduces the risks of data breaches.
Being developed on a blockchain, the Verified.Me app is protected with reliable security protocols. Banks and other financial institutions using the system can protect the personal information of their users.
These are necessary measures in the banking sector, mostly because the financial services industry deals with the highest annual cost of cybercrime – around $18.3 million per company. It’s likely that the SecureKey blockchain system will see more partners from both the public and private sectors joining in soon.
SecureKey blockchain and digital identity
SecureKey takes a new approach to digital identity for a large number of end users. Its blockchain-based system simplifies the way people share personal information while enabling a quick and safe way to verify identity online.
Users who register with Verified.Me save time. They no longer need to compile tonnes of documents or have to go to the bank to register for financial services.
The app enables them to store their personal information on the blockchain and gain instant access to the products and services they need.
This system is easy and safe for users. It’s also a cost-effective way for businesses to provide more streamlined and personalised client services and onboarding.
The fact that so many banks and financial institutions joined forces to create this identity tool shows how vital digital identity has become for the financial industry. It’s also an impressive milestone for blockchain technology and how it can contribute to keeping end users safe online.
Empowered by the SecureKey blockchain system, Canadian banks, together with other organisations, can use digital identity and blockchain technology to comply with global data privacy regulations and anti-money laundering international standards, among other benefits.
The Verified.Me service uses the IBM Blockchain Platform, which uses Hyperledger by the Linux Foundation. Banks that have joined the service will enable their existing customers to use the data connected to their bank accounts to build their digital identities on the blockchain.
The financial institutions that use the SecureKey blockchain system will make their services and products available to users through the Verified.Me authentication. This reduces bureaucracy and speeds up operations that require lengthy processing times.
The app will use a combination of factors to prove digital identity, such as on-device biometric confirmation features (fingerprint or facial scan) as well as details like the user’s phone number. How long the device has had the same SIM card can also confirm the authenticity of each transaction.
Canadian banks are rapidly adopting the SecureKey blockchain system for the benefit of themselves and their customers. It could be just a question of time before other banks follow suit.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.