Report: Blockchain Digital Identification In Canada Coming In 2018November 15, 2017 2:37 pm
Proving consumer identity with 100 percent accuracy has been an extremely difficult task, Cointelegraph.com reported Wednesday.
However, despite the difficulty involved in using simple cards to fingerprints to iris scans, which require huge amounts of infrastructure and are cost prohibitive, the report said, simpler and less expensive methods of ensuring accurate identity are often not secure.
Now, Canada is leading the way with a new system based on Blockchain technology to allow its citizens to prove who they are instantaneously and with 100 percent accuracy, the report said.
Using blockchain technology, the system allows consumers to store all their personal data on a single device – a personal phone – the report said.
In order to share that data, users need to give the institution their private key for the data, and through the blockchain, all the information is available for that institution only, the report said.
The key to this system, the report said, is it provides a simple solution for consumers who don’t want their data stored on a number of different databases – weak areas for hackers to take advantage. For non-Canadian citizens, some private companies like SelfKey and others are also offering similar solutions.
The system, the report said, allows movement of personal data onto individual storage devices and keeps data secure. Hackers, like those in the recent Equifax issue, have no motivation to seek out other sources of data since companies have no internal data storage.
The system in Canada will come online in early 2018.
– WN.com, Jack Durschlag