US-based credit reporting agencies Equifax and TransUnion have announced their participation in a blockchain trial for a Canadian identity network. Toronto-based technology company SecureKey developed the network that will run the trial, which will enable secure sharing of consumer data across the Web.
The SecureKey network allows for secure verification of personal data between parties, who can share data using a mobile software application.
Reuters reports that SecureKey will take a small percentage of every transaction that the credit agencies receive on the network.
The trial also includes a number of Canadian banks, such as Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, and Desjardins. According to Reuters, the banks have invested C$27 million ($20 million).
Utilization of blockchain technology bolsters the security and validity of consumer data. This remains consistent with the long-term business goals of the credit agencies. As per Anne-Marie Kelly, head of identity management and fraud solutions at TransUnion Canada, "We are undergoing testing with our strategic partners to ensure our data is absolutely protected."
The testing will launch by the end of the year.