The network, set for launch later this year, is aimed at making it easier for consumers to prove their identities when accessing services such as new bank accounts, driver‘s licenses or utilities. Banks involved include Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank.
Blockchain, which emerged as the system running cryptocurrency bitcoin, is a digital shared record of transactions that is maintained by a network of computers on the internet, without the need of a centralized authority.