In the nearest future Canada may build a digital identification system on a blockchain technology with biometrics and document review over a live video connection feature, The Star reports.
Chief Executive of the Canadian Bankers Association, Neil Parmenter, in his speech in Toronto said that Canada should use these technologies since the need for that kind of ID system "will only grow more urgent."
The head of the association also believes the upcoming ID verification platform will "unlock the full potential" of the digital revolution that is underway.
Last year, National Bank of Canada entered into partnership with the largest independent IT firm CGI on a pilot blockchain program that will improve the process for negotiating standby letters of financial services such as credit and guarantees.
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