In recent months, many major firms have revealed that they are testing various blockchain solutions. Reuters recently reported that two major United States credit agencies – TransUnion and Equifax – are following suit. The two credit reporting giants reportedly told Reuters that they are currently participating in trials for a Canadian blockchain network focused on identity management and secure consumer data sharing online.
The company responsible for the project is called SecureKey, which has been working with the Bank of Nova Scotia, Royal Bank of Canada, Bank of Montreal, and others to develop its blockchain platform. SecureKey has been crafted to provide customers with the ability to not only verify their secure identity, but also to use the network to provide permission for their personal information to be shared with others. As the Reuters article notes,
“A consumer could use a mobile software application to authorize a bank or credit agency to share information with a utility to open a new account.”
According to SecureKey representatives, the platform is designed to secure data in ways that ensure that it can only be accessed by the consumer and those parties he or she authorizes to see it. TransUnion Canada’s head of identity management, Ann Marie Kelly, emphasized the importance of that security, as she noted that TransUnion is "undergoing testing with our strategic partners to ensure our data is absolutely protected."
