ATB mobilized the Open Identity Initiative with best in class organizations from across Alberta (and Canada) to explore identification and what owning one's sovereign self could look like in the age of the digital self.
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We learn by doing, and Blockchain technology is something we are "doing" a lot of. We’ve changed the way international money transfers leverage Blockchain. Now, we’re building systems for maintaining identity records. But we like to keep it in the community, so we’re also using Blockchain to tackle a very Albertan topic… Oil Settlement Day.
Cryptocurrencies and the companies that create and manage them may seem to operate in a plane separate from the traditional banking sector. But in reality, to run a business, hire staff, buy servers/equipment, rent an office, and pay utilities and taxes, every business needs at least some fiat currency. This means that cryptocurrency ventures in most cases still need to rely on business banking services from more traditional banking services providers.
What is a better role for ATB than to be the provider of banking solutions to Alberta businesses implementing innovative solutions? In our drive to lead the technology revolution of the banking sector, we’ve been sharing our passion for areas like blockchain, cryptocurrency, and artificial intelligence. This focus allows us to leverage a willingness to provide business banking solutions that go beyond traditional offerings.
Sovrin is a blockchain network that works by acting as the “middle man” between facts—they accept facts about people or places, as well as the verification from another authorized party that those facts are true and trustworthy. For example, in the future, when we all have digital identity records, you could add your new driver’s license to your records through Sovrin, and the Government of Alberta could verify that it is, in fact, a real and valid license. From there, you could use your identity record anywhere you need to present ID with the simple scan of a QR code.
With each new digital product entering the marketplace, new data is forming everyday. Yet, with the massive power this data holds come a number of challenges. We're referring, of course, to the heightened vulnerability around personal data and the risks associated with this vulnerability for the everyday Albertan. The mass digitization of records and services resulted in a fractured web of personal data, owned by various parties.
At ATB, we know a key aspect of embracing digital transformation means making massive strides in securing our customer’s personal data. This is why, not long ago, we made a commitment to focus on a collaborative approach to self-sovereign digital identity. As part of our work leveraging blockchain solutions to improve life for Albertans, we’re aiming to place the control of data back in the hands of those who own it - without compromising the seamless experience our customers have come to expect.