SecureKey uses IBM Blockchain to run a digital identification system

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It is expected to go live in early 2018, the new digital identification platform will use IBM Blockchain technology, which allows consumers to prove their identity using mobile phones and Windows devices for governments, banks and telecommunications service providers, said Greg Wolfond, CEO of SecureKey.

Wolfond said that the blockchain ID system allows consumers to monitor and share their personal information without going through centralized systems that create "baits" of valuable information vulnerable to hackers.

Wolfond added: "This is transformational for identity. It makes it easier for me to prove it's me and harder for the 'bad guy' to masquerade as me."

According to Bloomberg, Toronto-Dominion Bank, Royal Bank of Canada and several other large financial companies have invested $30 million Canadian dollars ($23.5 million) in the scheme.

The ID system was first announced in March 2017, where the company explained that the IBM Blockchain technology is built on top of the Hyperledger Fabric v1.0 platform with open-source.