Ontario Selects Blockchain Firm Nuco to Address Digital ID Managementbr>
OCE drives the development of Ontario’s economy by helping create new jobs, products, services, technologies and businesses. Its SBIC program aims to support the growth of high potential, technology-driven, small-to-medium-sized enterprises (SMEs) in Ontario. The SBIC program targets Ontario’s for-profit SMEs that have no more than 500 employees and demonstrate the capacity to develop an innovative technology/solution that could lead to a globally competitive business and market opportunity.
Nuco, along with four tech companies, will develop, test and demonstrate technologies that will allow people to prove their identity when they interact with government services, such as when applying for social assistance or OSAP via a common, secure and user-friendly method. This project is part of SBIC’s Digital Identity Program.
Nuco proposed a blockchain application that will allow different government agencies to connect and access the same distributed database. The sysmtem will allow updates in user data to be synchronized among all agencies in real time through one digital identification application. Smart contracts within the network will ensure access to information is secure, and only permissioned access is granted.
Back in August, Nuco launched a multi-tier blockchain system designed to address unsolved questions of scalability, privacy, and interoperability in blockchain networks. Called Aion, the system acts as a “bridge” between blockchain networks, serving as “a mechanism to transfer data and value securely between them.”