SecureKey Taps IBM Blockchain for Digital Identity System Launch

Canadian startup SecureKey has revealed it will soon launch an ID verification system built with IBM Blockchain.

AccessTimeIconNov 15, 2017 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 7:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Canadian startup SecureKey has revealed it will soon launch a blockchain-based system providing identity verification across the country.

Expected to go live in early 2018, the new digital identity platform utilizes IBM's blockchain technology, enabling consumers to prove their identity using cellphones and Windows devices to governments, banks and telecom providers, said Greg Wolfond, CEO of SecureKey.

According to Bloomberg, Wolfond said the blockchain ID system enables consumers to control and share their personal information without going through centralized systems that create "honeypots" of valuable information that are vulnerable to hackers.

Wolfond added:

"This is transformational for identity. It makes it easier for me to prove it's me and harder for the 'bad guy' to masquerade as me."

Bloomberg said that Toronto-Dominion Bank, the Royal Bank of Canada, and a number of other major financial firms have invested $30 million Canadian dollars ($23.5 million) in the scheme.

The ID system was first announced back in in March 2017, where the company explained that the IBM Blockchain tech is built on top of the open-source Hyperledger Fabric v1.0 platform.

The new system "will help tackle the toughest challenges surrounding identity,” said Marie Wieck, general manager of IBM Blockchain, at the time.

Fingerprint image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.