Tech giant IBM announced its collaboration with SecureKey Technologies in order to create and offer blockchain-based digital identity network for consumers.

The blockchain network will be built to ease consumers to verify in a privacy-enhanced, security-rich and efficient way. Consumers can utilize the network to quickly verify their identity for services including new bank accounts, driver’s licenses or utilities.

The network is currently under testing phase in Canada and after it has gone live, the Canadian consumers will be able to opt-in to the new blockchain-based service using a mobile app.

“What IBM is building with SecureKey and members of the digital identity ecosystem in Canada, including major banks, telecom companies, and government agencies, will help tackle the toughest challenges surrounding identity,” Marie Wieck, general manager, IBM Blockchain said. “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 is a prime example of the type of innovation permissioned blockchain networks can accelerate.”

Last year October, the digital identity ecosystem saw new entrants including Canada’s leading banks, BMO, CIBC, Desjardins, RBC, Scotiabank, and TD; investing $27M collectively in SecureKey. The Digital ID and Authentication Council of Canada (DIACC) and the Command Control and Interoperability Center for Advanced Data Analytics (CCICADA), a research center of excellence funded by the U.S. Department of Homeland Security Science & Technology Directorate, have also provided funding to bring the new approach to digital identity to market, the release stated.

IBM has also made other major announcements including the first open source blockchain-based green asset development and management platform. Openly governed by Hyperledger Fabric, the blockchain platform allows enterprises to generate carbon assets more efficiently, helping to build a green, low-carbon and environmentally-friendly future in China.

“It is estimated that the platform will significantly shorten the carbon assets development cycle and reduce the cost of carbon assets development by 20 to 30 percent, enabling cost-effective development of a large number of carbon assets. Blockchain technology is expected to become an important means for effective control of carbon emissions, which is of great significance to China, the world's largest source of carbon emissions,” Cao Yin, Chief Strategy Officer of Energy-Blockchain Labs, stated.

IBM has also launched the new IBM Blockchain, the first enterprise-ready blockchain service based on the Linux Foundation's Hyperledger Fabric version 1.0. The new service allows developers to quickly build and host security-rich production blockchain networks on the IBM Cloud and is underpinned by IBM LinuxONE, the industry’s most secure Linux server.

“IBM has applied decades of experience running the world's largest transaction systems for banks, airlines, governments and retailers, to build the most secure blockchain services for the enterprise. IBM's blockchain services are built on IBM's High-Security Business Network and designed for organizations that require blockchain networks that are trusted, open and ready for business,” Marie Wieck, general manager, IBM Blockchain, said.