IBM has partnered with a company named SecureKey Technologies to work on an initiative designed to promote the usage of digital identities on a global scale. It can connect government agencies, healthcare providers, telcos and banks through a single, shared blockchain network.
This network runs on an IBM blockchain that will utilize the Hyperledger technology created by the Linux Foundation. It utilizes a distributed trust model that will allow users to control the details that are shared, as well as which organizations have access to it and even ensure they are allowed to give their consent before their information is accessed in the first place. The system has already caught on in Canada with some major banks including the Bank of Montreal, TD Bank, Scotiabank, Royal Bank of Canada, Desjardins Group and Canadian Imperial Bank of Commerce has already jumped on board.
The system is set up in such a way that it is easily scalable for new members who can get started with a minimal extra effort from an operational standpoint. As with private cloud storage, the benefits of blockchain’s natural security shine through here, though the distributed ledger is obviously also quite critical, especially for the financial sector.
