Banks, Blockchain and a Better Future for Digital Identity
December 20, 2016

Blockchain has quickly become one of the biggest business buzzwords of 2016.

In a memo sent to its clients earlier this year, Goldman Sachs claimed blockchain has the potential to ‘disrupt everything’ – a clear sign that the financial giant sees the potential impact of the emerging technology extending well beyond just finance. Research analyst Jim Schneider said, “blockchain, in fact, is a very promising technology with a wide range of potential applications beyond its digital currency, that can be applied to a variety of industries.”

Schneider’s comments reflect the typical association that blockchain receives today. While we often think of blockchain as associated with everything from the digital currency of bitcoin to file storage, it has now begun to evolve as a foundational element of a new approach to privacy, security and digital identity for consumers.

Companies and governments around the world have begun to take a more serious look at the way distributed ledger methodologies can improve everything from payments to identity to security, and are beginning to explore innovative new approaches to the ways we build products for the next generation of online services.

When paired with the appropriate resources, blockchain has the power to improve the state of digital identity altogether – an opportunity we have recognized and invested in. SecureKey is working with Canada’s biggest banks and like-minded, forward-thinking organizations to develop a first-of-its-kind national digital identity ecosystem to build on the success of eGov access service SecureKey Concierge. This is the next step in allowing consumers to have an online identity profile that is truly secure – allowing them complete control over the information they share. This comes with the added benefits of service ubiquity (99% of the adult population in Canada has a bank account), and with service integrity (because both the banks and Canadians are watchful and protect banking credentials).

As more and more of our lives are taking place online, user experience, security and privacy are three terms that will only continue to increase in importance. We’re not done yet – but it’s clear that blockchain will play an important role in achieving a fully secure digital identity, ensuring consumers are protected against the evolving threats that continue to surface in today’s digital age. For us, blockchain delivers capabilities for data integrity, service resiliency, and consumer privacy.

Now that’s buzzworthy.