IBM has partnered with SecureKey Technologies to develop a blockchain-based digital identity and attribute sharing network for consumers.
The network will work to help consumers instantly validate their identity for services such as new bank accounts, driver’s licenses and utilities, IBM said Monday.
Marie Wieck, general manager of IBM’s Blockchain service, said IBM and SecureKey work with members of Canada’s digital identity ecosystem on the development of the blockchain-based service as part of efforts to address identity-related challenges.
The network is based on IBM Blockchain and Linux Foundation’s Hyperledger Fabric v1.0 open source permissioned blockchain.
Hyperledger Fabric supports efforts to deliver services that comply with data protection and confidentiality regulations, IBM noted.
The digital identity network currently undergoes tests in Canada and will be launched later this year.
IBM said consumers can use blockchain-based service through a mobile application once it goes live.
Canada-based financial services companies such as the Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, RBC, Scotiabank and TD joined the digital identity ecosystem in 2016 and collectively invested $27 million in SecureKey.
The Department of Homeland Security‘s science and technology directorate also provided funds to help bring IBM and SecureKey’s digital identity platform to market.