US Credit Raters Join Canadian Banks in Blockchain Identity Trial

A pair of US credit score reporting businesses are reportedly participating in a blockchain id mission with a bunch of Canadian banks.

According to Reuters, Equifax and TransUnion are taking part in a trial unveiled earlier this year that includes banks reminiscent of BMO, CIBC, Desjardins, RBC, Scotiabank and TD Bank. Along with Experian, Equifax and TransUnion are often known as the ‘Big Three’ credit score reporting businesses in the US.

The group is testing an answer developed by SecureKey, a Toronto-based tech agency, and IBM. The publication quoted Anne-Marie Kelly, who leads id administration and fraud efforts at TransUnion’s Canadian division, who defined:

“We are present process testing with our strategic companions to make sure our knowledge is completely protected.”

SecureKey is reportedly shifting to monetize the system, anticipated to totally launch someday later this yr. Per Reuters, the agency “will take a small proportion of the charges knowledge suppliers just like the credit score corporations obtain to supply data by means of the community”.

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