United States consumer credit reporting agencies Equifax and TransUnion have joined to test and experiment Canadian blockchain identity network in order to ease the sharing of consumer data through internet, Reuters reported.
The two credit agencies said that they are taking part in the initial tests of the blockchain network that is being developed by Toronto-based technology firm SecureKey. With the SecureKey network, customers can securely verify their identity and easily authorize sharing of personal data between parties in the network.
According to SecureKey, the blockchain network maintains a record of transactions, while the confidential data is only shared among parties authorized by the consumer.
“We are undergoing testing with our strategic partners to ensure our data is absolutely protected,” Anne-Marie Kelly, head of identity management and fraud solutions at TransUnion Canada, said.
Both TransUnion and Equifax told Reuters that they are assessing new methods to secure consumer credit data, which is tightly regulated by governments across the world. The blockchain trial also saw other participants including Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank and Desjardins.
According to Greg Wolfond, Chief Executive of SecureKey, blockchain enables the network to perform "triple blind" transactions. With this, data providers will not know where the information is going and the recipients do not know its source, unless the consumer authorizes that the information be disclosed.
