By The Associated PressBank of Canada announced on Tuesday that it has created a blockchain-based technology that will make it easier for banks to secure customer information.
The Bank of Montreal said it has deployed a technology that can be used to authenticate customer information in the event of a bank’s data breach.
“It’s important that we do everything we can to protect our customers’ privacy and we do it with the right tools,” said Jim Lobb, president and chief executive officer of the bank.
The technology was developed to provide a toolkit to financial institutions that can verify the identity of customers and help protect them from identity theft, fraud and security breaches.
“We believe the technology is the next step for banks,” said Lobb.
“It’s a step in the right direction.
We want to build a world where our customers can trust that the people they trust are who they say they are.”
The bank has been working on a blockchain project for several years and announced in June that it was deploying it to secure data.
Lobb said the Bank of Ontario and others are interested in the technology.
“Our view is that if we are going to have an identity, we’re going to need it to be in a secure way,” said Mr. Ludd.
“This is the technology that enables us to do that.”