The Canadian Banking Association has revealed its plans to implement blockchain for safeguarding user data through a digital ID system.

Neil Parmenter, CEO of the Canadian Bankers Association, has commented that technologies like blockchain provide a decentralized and immutable way of storing data. This untamperable feature of blockchain makes it an essential element to be the basis of ID procedures involved in the banking and finance sectors.

Further adding, he also said that verifying a person using multiple digital reference points is more reliable than simply depending on photocopies of driving license. Parmenter claimed that the chances of any potential hacking can also be minimized due to the distributed ledger characteristic of the blockchain.