ATB Ventures Unveils Whitepaper Highlighting Canada's $15 Billion Opportunity Driving Digital Identity Adoption
CALGARY, AB, June 27, 2023 /CNW/ - ATB Ventures, the research and innovation arm of leading Alberta-based financial institution ATB Financial, today released its whitepaper, titled '$15 Billion Reasons Driving the Adoption of Digital Identity'. The whitepaper examines the immense potential of digital identity in Canada, emphasizing the need for its widespread adoption across sectors.
With vast amounts of sensitive digital data needing to be stored securely and a rising threat of cyber attacks and data breaches, the whitepaper emphasizes the increasing importance of embracing digital credentials and decentralizing digital identity technology in both public and private sectors. With 8 out of 10 Canadians already supporting digital IDs, the time is ripe to unlock the societal and economic opportunities presented by robust and scalable digital identity solutions. The Digital ID and Authentication Council of Canada (DIACC) estimates that the trusted digital identity market in Canada is valued at a staggering C$15 billion, equivalent to one percent of the country's GDP.
Digital credentials, unique to each individual, encompass personal details such as names, dates of birth, and identification numbers. They eliminate the need for outdated paper-based identification, offering convenience, enhanced security through multi-factor authentication, privacy control for owners, and accessibility for all individuals, including those without physical credentials.
"A new breed of digital identity solutions is emerging and paving the way for a far more secure customer experience," says Sue McGill, SVP of Innovation at ATB Ventures. "From simplifying and securing online transactions, to streamlining income verification, applications for these new technologies are almost endless and will play an essential role in curbing the rise of digital fraud, while also creating seamless customer experiences. The role of digital identity in a modern economy cannot be understated. It relates directly to the strength of Canada's future economic resilience and we are proud to play our part in continuing to advance this conversation."
ATB Ventures recognizes the enormous potential of digital credentials and, via its proprietary products, Oliu™ and Proof™, is committed to providing secure and privacy-focused digital identity solutions for businesses and governments to verify and interact securely with their customers.
Oliu, a digital identity management platform, utilizes blockchain technology to create a tamper-proof record of identity verification, ensuring secure and convenient interactions across various platforms and services. Proof, a mobile application, offers a digital wallet for citizens, using advanced encryption to manage and share digital credentials securely.
To download ATB Ventures' whitepaper, please visit: https://resources.oliu.id/en/digital-identity-canada
Oliu is a blockchain-identity management solution that makes it easy for businesses to issue, manage and verify customer credentials, digitally. Built on open (W3C) standards, Oliu leverages identity frameworks such as the Pan-Canadian Trust Framework (PCTF) and National Trust and Identity Fundamentals to make mobility and interoperability between identity systems possible. Proof is a mobile wallet that puts all your digital credentials at your fingertips. Using advanced encryption, Proof makes it easy for you to store, manage and share your verifiable credentials all in one place.
To learn more about Digital Identity and Oliu please visit oliu.id.
ATB Ventures is the research and innovation arm of ATB Financial, of leading Alberta-based financial institution ATB Financial. Driving growth at the edges and exploring opportunities beyond financial services, ATB Ventures focuses on helping companies bridge the gap between consumers' increasing concerns about privacy and security, and their desire for more advanced personalized experiences.
SOURCE ATB Ventures
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