Blockchain: Canadian Banks Are Using a New Software to Verify Your Identity

There’s a new structure on the internet that shows the concept of blockchain technology, with hexadecimal data inside each and every block. This image takes part in the domain of IT, cyberspace, cryptocurrency, and cyber security. The picture was made thanks to a 3D concept render.

The biggest bank of Canada is adopting IBM, together with Linux’s blockchain technology in order to help clients in identifying themselves. There’s also a new mobile app that’s called Verified.Me, that works with users’ online banking app – they use personal information that they have agreed to share.

The blockchain will be able to help the process of recording transactions, and even tracking assets in a business. An asset can be a solid thing, such as a car, a house, or land, or simply copyrights, patents, brands or intellectual property. Anything that has a certain value can be tracked virtually and then traded on a blockchain network, which means that it can cut the costs and reduce the risks for all of those who are involved.

Which banks are involved in this system?

As of now, Royal Bank, TD, CIBC, Bank of Nova Scotia and Desjardins Group have joined this system. National Bank and Bank of Montreal will also join soon.

The app uses the blockchain technology to make the entire process of online identification faster and easier, also more private and more secure for all of the clients. This system comes hand in hand with the National Bank’s commitment to offering a unified and much simpler digital experience. The app also puts the user in control of their personal information, and when and how they share it.

From North America, Sun Life will be the first one to join this system. The software was created with the help of banks, Equifax, Desjardins and telecom businesses.

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Meagan Kozlovs

About the Author: Meagan Kozlovs

Meagan Kozlovs is a reporter for Debate Report. She’s worked and interned at Global News Toronto  and CHECX. Megan is based in Toronto and covers issues affecting her city. In addition to her severe milk shake addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.

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