“I don’t believe there’s a ton of people who are suddenly going to wake up this summer and say, ‘I need to download a self-sovereign identity wallet for my phone,’ ” Windley said. “What’s more likely to happen is they’re going to go into their bank or credit union and they’re going to say, ‘We have this new way of logging into your account.’ You’ll download an app.”

Behind the scenes, the bank and customer will exchange non-correlatable identifiers; they’ll simply scan a QR code and will be signed up for the new identity service.

“Later on, they’ll see that as an [icon] on their phone,” Windley said.

Source: How blockchain could solve the internet privacy problem | Computerworld, Lucas Mearia, Computerworld | April 9, 2018

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According to the patent, the traditional manner of calculating a credit score is “not transparent”. Customers are not always informed when certain data affects their credit score, nor do they “have the tools to take control of their credit score.”

With distributed ledger technology as described in the patent, customers would be “notified when third party credit checks happen or when the credit score changes.” For example, in the case of a missed bill payment that negatively affected their credit score, consumers would be sent a credit alert.

Source: Major Canadian Bank Files Patent To Make Credit Scores… | News | Cointelegraph, Molly Jane Zuckerman, March 17, 2018

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“The blockchain/trust economy trend represents a remarkable power shift from large, centralized trust agents to the individual,” Deloite stated. “And while its broader implications may not be fully understood for years to come, it is hardly a death knell for banks, credit agencies, and other transactional intermediaries. It may mean, however, that with blockchain as the gatekeeper of identity and trust, business and government will have to create new ways to engage the individual – and to add value and utility in the rapidly evolving trust economy.”

Source: How blockchain will underpin the new trust economy | Computerworld, Lucas Mearian, December 7, 2017

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Although concerns remain about the legitimacy of bitcoin, which JP Morgan (JP.N) Chief Executive Jamie Dimon described as a fraud earlier this month, the credibility of the blockchain technology itself has increased.

A growing number of senior bankers have said they believe it will eventually revolutionize the way payments are made across the industry, reducing complexity and costs of back-office processes.

Source: Exclusive: Royal Bank of Canada using blockchain for U.S./Canada payments – executive, Matt Scuffham, September 27, 2017 / 6:44 PM

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Equifax and others have shown the weakness of central databases in the hands of a single firm. Mutual distributed ledger systems have the potential to provide us with identity and activity management, even permitting us to make a market selling information about ourselves, taking control and cash back from companies like Equifax and Yahoo and giving it back to ourselves. There will certainly be mistakes along the way, but how can we truly object to reclaiming control of our most private property — our personal data?

Source: Blockchain Could Help Us Reclaim Control of Our Personal Data, Michael Mainelli, October 05, 2017

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