The Five Canadian banks: Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Desjardins Group have announced to implement a new blockchain-based identity verification technology, which was provided by the SecureKey Technologies.

The new Verified. Me digital identity system service will soon be applied for two new clients: Bank of Montreal and National Bank of Canada in the near future. Besides that, the U.S. Corporation Sun Life Financial will also join to be the first North American insurer of the system.

According to Greg Wolfond’s expectation – SecureKey CEO, by the end of 2019, Verified. Me will be used as an identity verification system for opening banks accounts, accessing personal medical report and government services. Besides, this is a part of the Open Banking project belonged to Canadian Bankers Association, which helps to share consumer’s financial data with other companies. “They’re going to be able to share their data in a secure and trusted way, which they never really could before.” – The SecureKey CEO noted.

Last April, the mainstream media Thomson Reuters corporation had registered a license for blockchain-based identity management system. Also, the global online payments firm PayPal has invested an undisclosed amount in blockchain-based identity management company Cambridge Blockchain – a move that Forbes has noted as being PayPal’s first-ever blockchain investment.