IBM Blockchain-based ID Verification App Used by Canadian Banks

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IBM has not been backward in coming forward about its blockchain ambitions, now the effort and investment might be starting to pay off. Five Canadian banks have agreed to trial Verified.Me, an identity verification app based on IBM Blockchain technology. The news represents a huge boost for IBM and shines a light on the challenges that lie ahead for decentralized ID projects such as Civic, SelfKey, and KEY.

Verified.Me In Pole Position for Adoption

SecureKey, the company which developed Verified.Me, announced last week that it had struck a deal with Canadian Imperial Bank of Commerce, Royal Bank of Canada, Scotiabank, Toronto–Dominion, and Desjardins Group to trial the app with consumers. BMO Bank of Montreal and National Bank of Canada are expected to launch soon, while Sun Life Financial Inc. has also signed up, becoming the first insurance company to use such technology. Greg Wolfond, Founder and CEO of SecureKey Technologies, said of the deal:

This announcement marks the first time that consumers are officially able to access the Verified.Me application and gain greater control over their digital identities. Digital identity is one of the most enduring challenges of our time, and having the opportunity to showcase how a network of cross-industry organizations can come together to build a solution by and for consumers is an honour. We are excited to bring this first-of-its-kind network to market and look forward to its expansion as new participants join our service.

Hyperledger Ups the Speed Stakes

IBM Blockchain is based on Hyperledger Fabric v1.2 technology, which Hyperledger claimed just last week they had engineered up to 20,000 transactions per second (tps) capacity, with 50,000 tps being their stated goal. Already in 2019 Hyperledger has landed deals with Intel, the Italian postal service, and FedEx, showing once again that open source applications with their expectant token holders, are fighting with one hand tied behind their backs when it comes to competing for the big players.