01:28:10 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,451,582
Close 2017-03-21 C$ 76.27
Market Cap C$ 92,244,872,159
Recent Sedar Documents

Post says RBC, others move ahead with blockchain

2017-03-21 06:57 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Financial Post reports in its Tuesday edition that Canada's biggest banks will be among the first to use blockchain when SecureKey Technologies, in partnership with IBM, launches it later this year. The Post's Armina Ligaya writes that the network, which is being tested at Royal Bank of Canada and Toronto-Dominion Bank, will allow consumers to use a mobile app to confirm details of their identity such as age or credit scores when accessing services. SecureKey officials say that IBM's blockchain technology, which distributes information across a network of computers, ensures that there are no agglomerations data in any one place, making identity theft via hacking more difficult. Canada's biggest banks are already investors in SecureKey, which counts the Canadian and U.S. governments among its customers. In 2012, the identity and authentication provider launched SecureKey Concierge service, which allows Canadians to use their bank authentication credentials to access on-line services from the federal government. Last October, RBC, TD, Scotiabank, CIBC, Bank of Montreal and Desjardins invested $27-million in the company. Blockchain allows the data to be securely transmitted but not stored in a central place.

© 2024 Canjex Publishing Ltd. All rights reserved.