Equifax joins Canadian banks in using the SecureKey blockchain system

Earlier this month, Coin Rivet reported that more and more Canadian banks are choosing the SecureKey blockchain system. Through a consent-driven digital identity network called Verified.Me, users gain additional control over their personal information. Now, the country’s leading provider of compliance and identity solutions – Equifax Canada – will be joining them as well.

Equifax Canada is joining the Verified.Me network

As a secure way of verifying user identity to access banking services quickly, Verified.Me launched this May with the support of seven of Canada’s top banks. These include the Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), and Scotiabank.

This kind of initiative already goes to show just how much backing blockchain technology has north of the border. However, the fact that heavyweights like Equifax Canada are now joining in marks a seismic shift in the way that Canadians manage their data online. It also cements SecureKey’s place as a leader in identity and authentication solutions.

Equifax will play a key role as a data verifier in the Verified.Me digital identity network. As Canada’s leading credit bureau, this partnership will make it easier for residents to verify their identities with trusted providers safely and securely.

Not only will this cut out lengthy manual checks, but it will give Canadians peace of mind when entering and sharing their private information online.

Becoming a network that enhances consumers’ digital experiences

Founder and CEO of SecureKey Technologies Greg Wolfond enthused:

“Equifax will play an important role as an early adopter in the Verified.Me service. As our strategic relationship grows, we look forward to expanding a network that enhances consumers’ digital experiences, while protecting their right to privacy and providing them with greater control over their data.”

Verified.Me is available to Canadian users through an app on both Android and iOS. As well as other features, users will be able to check their credit scores for free privately and safely.

“In this age of digital online transactions, it is more important than ever that identification solutions be designed to enable Canadian consumers to conveniently and securely verify their identities. Verified.Me is that solution,” commented Tara Zecevic, VP Fraud, ID, and Compliance at Equifax.

More about Verified.Me

The main current benefit of using Verified.Me lies in the fact that users can make their data portable. They can use the details that they have verified with their chosen financial entity or Equifax to access services or create an account with another organisation in the network.

This will save them the time and hassle of providing various forms of ID, remembering numerous passwords, and going through lengthy verification processes. They also won’t have to worry about how their information is being used since they are in complete control.

The Verified.Me blockchain-based solution has ‘triple blind’ privacy built into its core. With this technology, no person’s data can ever be shared without their consent. Moreover, only the user can see where the data comes from and where it’s going. Zecevic remarked:

“Being consumer-consent driven, Verified.Me is about giving people more choice, security, control, and convenience when accessing new services.

In an online environment, a provider needs to be confident that they are dealing with you. Verified.Me is an exciting new service that will not only help Canadians verify their own identities, it also has tremendous potential in helping our business clients streamline their digital processes.”

Canada is setting a precedent for safe and secure online ID management

There is a high level of blockchain and cryptocurrency adoption in Canada, and already some 85% of Canadians have heard of Bitcoin. Now that the government is fostering the development and implementation of blockchain-based solutions like SecureKey, this could be the start of many more use cases to come for the technology.

It’s also showing that Canada is setting a precedent for safe and secure online identity management solutions. Equifax Canada may be the entity in question when it comes to SecureKey’s Verified.Me, but Equifax is a global information solutions company operating in at least 24 countries.

The Equifax hack of 2017 in which criminals stole private details of some 150 million Americans also remains fresh in many people’s minds. With solutions like Verified.Me, this kind of nightmare will be a thing of the past.

If Canadians prove this new solution to be popular, efficient, and helpful, having Equifax on board could enable SecureKey to roll the solution out to more countries around the world. This means that transacting and interacting online can be done faster and more securely – and the user has control over the data they send.