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Blockchain: Canadian banks new system for identity management

A Canadian banking company has shown interest in the idea of using blockchain technology for a digital identification system for residents. This was reported Tuesday, January 15 by the national news agency The Canadian Press.

The Executive Director of the Canadian Bankers Association (CBA), Neil Parmenter, spoke during a presentation at the Economic Club of Canada in Toronto. He declared that it is necessary to have unmovable solutions to form the basis of the identification procedures linked to the banking and financial sectors in the future.

Parmenter highlighted the advantage of using blockchain for identity verification compared to traditional methods:

“Instant verification of who is using multiple digital landmarks is safer than relying on a photocopy of a driver’s license.”

Initially, the CBA outlined the digital identification system in a technical document that was published in May of last year. However, it did not make specific mention of the blockchain technology case, but praised the identification systems, claiming that they could serve as a reference for future projects in Canada.

As you can see, the idea of the CBA is revealed just when in Canada have begun to consider open banking. This is a new revision in the banking sector that would allow third-party companies, including those new to the Fintech field, to share access to user information.

Despite being a developed country with a low profile in the middle, Canada is also considering the implementation of blockchain technology in different areas. We mentioned the banking sector, however, also at the state level it has been looking for ways to integrate it into customs formalities at the borders.

Published inTechnology

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