Five Canadian banks will employ a blockchain-based user identification system developed by tech startup SecureKey Technologies.
Identification is the process of recognizing and naming an object. The term Identification covers both the process of naming yourself and determining other objects. Identification is not equal to proving that you are what or who you said you are, it is just a statement of it. In IT, identification is analogous to entering a username. Various types of identifications are actively used in governance, science, media, inventory management and IT systems. Digital identification solutions are an important part of information security. Customer identification systems are crucial for Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, various marketing programs and the privacy of customers. Blockchain personal identification systems can strongly improve the identification process with blockchain-based identity confirmation platforms that include biometric IDs and decentralized identity management built upon a robust and immutable network.
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