Canada’s digital ID system can use blockchain to protect data, says banking executive

A group Bank officer canadian supports the idea of ​​using technology blockchain as part of a system of identification digital for residents, reported the national news agency La Presse Canadienne through several local media January 15th.

Speaking at a presentation to the Economic Club of Canada in Toronto, Canadian Banking Association (CBA) CEO Neil Parmenter said there is a need for wrongful appeals to form the basis of proceedings of identification linked to the banking and financial sectors in the future.

The comments come as Canada considers opportunities offered by so-called open banking, an overhaul of the banking sector that would allow third-party companies such as startups financial technology (financial technology), participate and share access to user data.

The country’s government launched a public consultation on the concept last week.

“Instant verification of who is using multiple digital benchmarks is safer than relying on a photocopy of a driver’s license,” Parmenter said, noting:

“As this digital network is connected but decentralized, the risk of compromising the system is reduced by eliminating the data ‘honeypots’ that hackers tend to target. »

The ABC initially outlined its digital ID plans in a white paper official in May last year. The document makes no specific reference to blockchain, but praises the identification systems currently implemented in the Estonia and on India as instructive for Canada’s future preparations.

The Indian project, known as Aadhaar, has nevertheless attracted criticism, particularly in cryptocurrency circles.

Canada, meanwhile, also intends to use blockchain at the state level in other areas, the most recent of which concerns customs formalities at borders.

Elmer Hayward

"Pop culture fan. Coffee expert. Bacon nerd. Infuriatingly humble communicator. Friendly gamer."

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