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A Canadian banking group supports the idea of using blockchain technology as part of a digital ID system for residents, the national press agency The Canadian Press has reported via various local media outlets on January 15th.
Speaking during a presentation at the Toronto Economic Club of Canada, the Managing Director of the Canadian Bankers Association (CBA) Neil Parmenter said that unpredictable solutions must form the basis of identification procedures. relating to the banking and financial sectors in the future.
The comments come as Canada observes the opportunities offered by the so-called open banking, a review of the banking sector that would allow third-party companies like fintech startups to participate and share access to user data.
Last week the government of the country launched a public consultation on the concept.
"Instantly checking who is using multiple digital landmarks is safer than relying on a photocopy of a driver's license," said Parmenter, noting:
"Because this digital network is connected, but decentralized, the risk of compromising the system is reduced by eliminating" honeypots "of data that hackers are likely to hit."
The CBA had initially drafted digital ID plans in a white paper in May of last year. The document did not specifically refer to the blockchain, but praised the identification systems currently underway in Estonia and India as being instructive for Canada's future preparations.
The Indian scheme, known as Aadhaar, however, has aroused criticism, even within the circles of cryptocurrencies.
Canada, meanwhile, is also trying to use blockchain at the state level in other areas, the most recent of which concerns customs formalities at borders.
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