American credit agencies test Canadian blockchain identity network

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

American consumer credit reporting agencies Equifax and TransUnion say they have joined trials of an experimental Canadian identity network to facilitate sharing of sensitive consumer data over the internet.

The network runs on blockchain, an emerging technology that businesses and investors hope will improve the efficiency, reliability and security of online transactions. The network, called SecureKey, allows consumers to securely verify their identity and easily authorize sharing of personal data between parties in the network. For example, a consumer could use the application to authorize their bank to share information with a utility in order to open a new account.

“We are undergoing testing with out strategic partners to ensure our data is absolutely protected,” said Anne-Marie Kelly, head of identity management and fraud solutions at TransUnion Canada.

Read more at The Globe and Mail

This article is summarized by Canadian Fraud News Inc.