IBM Unveils New Developer Tools For Financial Services; To Work With SecureKey

Carla Harmon
March 20, 2017

Using IBM's Blockchain technology, which distributes information across a network of computers, ensures that there are no "honeypots" of data in any one place, making identity theft via hacking more hard, he added.

According to IBM, it is the first enterprise-ready blockchain service based on the Linux Foundation's Hyperledger Fabric version 1.0 created to provide a framework for building enterprise-grade blockchain networks that can quickly scale as new network members join.

Hyperledger Fabric supports efforts to deliver services that comply with data protection and confidentiality regulations, IBM noted. For example, if a consumer has proven their identity with their bank and a credit agency, they can grant permission to share their data with a utility to create a new account.

The digital identity network now undergoes tests in Canada and will be launched later this year. "This method is an entirely different approach to identity verification, and together with SecureKey, we have a head start on putting it on the blockchain".

This development follows on from late past year when IBM unveiled a blockchain ecosystem "to help accelerate the creation of blockchain networks" on Hyperledger.

IBM Blockchain for Hyperledger Fabric v1.0 is now available through a beta program on IBM Bluemix. "We are very excited to enter into this formal agreement that will benefit consumers around the world".

The Department of Homeland Security's science and technology directorate also provided funds to help bring IBM and SecureKey's digital identity platform to market.

For banks that have recently seen at least some of their transactional relationship with consumers disrupted by mobile payment services, it puts them at the centre of a consumer's commercial relationships and turns them into an ally in ensuring personal privacy.

Eddy Ortiz, VP, solution acceleration and innovation, RBC, concurs: "Canada has an important opportunity to innovate with emerging technologies like blockchain to advance digital identity in Canada".

The process is aimed to be easier for consumers and less costly for companies, he added.

"Helping Canadians control the security of their personal data to reduce the risk of fraud online, in person, or over the phone is innovating with objective", said Rizwan Khalfan, Chief Digital Officer, TD. Parts of the website may not work as expected without them. New network members can view this before joining and determine whether they can trust the network enough to participate.

Canada's biggest banks will be among the first to use a digital identity network powered by blockchain when Toronto-based SecureKey Technologies - in partnership with IBM - launches it later this year. ( IBM ) on Monday announced the launch of the IBM Cloud for Financial Services to offer the essential building blocks for the creation of financial services apps on the IBM Cloud.

For starters, the ledger is isolated from the general cloud computing environment.

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