As part of IdentityNORTH’s mandate to promote Canadian innovations and organisations, we have launched the ‘Startup Spotlight.’ Proudly supported by TD Bank, this series shines a light on emerging Canadian companies who are driving innovation across the digital ID ecosystem.
What’s the Story?
Organizations are faced with business challenges associated with handling large volumes of data, and many other technology-related challenges ranging from security threats, to siloed information, to a lack of data integrity and fraud.
DLT Global aims to solve these problems through their comprehensive enterprise solutions platform that’s built on distributed ledger technology, powered by blockchain.
Founded in 2017 in Toronto, DLT Global deployed the first ever blockchain solution that solved the inefficiencies around invoice reconciliation and freight payments with one of the largest global retailers. The retailer’s freight solution was the core technology that ensured the consistency, transparency, and immutability of all shipping transactions and transaction invoicing, invoice dispute and invoice reconciliation between the company and its transportation carriers. As a result, wait times were reduced, as well as the costs associated with pain points in the day-to-day operations of freight management.
Technical teams benefit from DLT’s technology because of its high performance. The technology is mature, fully functioning and ready to be deployed. Change management and front-end work is not required, as DLT’s solution can be integrated with any legacy system.
Finance teams benefit from the cost savings. DLT’s solution has proven to have 30 times the ROI annually in cost savings when compared to traditional systems, due to the reduction in overhead costs associated with disputes and reconciliation.
What’s the Future of Identity?
The biggest opportunity in digital identity the DLT team sees is bridging the gap between all identity databases. A common challenge with identity is reconciling different documents from multiple databases, resulting in long wait times and large overhead costs for document retrieval and verification.
Solving this challenge is the biggest window of opportunity because it enables access to information on a permissioned basis where organizations can make swift decisions. Meanwhile, individuals can have access to services without the wait times associated with updating their identities.
Compliance is a major risk, however, it hasn’t stood in the way of DLT. Determining what information is recorded on the blockchain can be programmed through smart contracts. Therefore, personal identity information is not at risk.
What is the Ecosystem and Who are the Other Players?
From DLT’s point of view, financial institutions play a huge role in identity because their ability to grant anyone access to their services is contingent upon having the necessary identification on hand to complete credit checks or background checks.
Government institutions are another key identity player because they are the gatekeepers to our identities.
Government institutions are looking into distributed ledger technology solutions to solve challenges with identity reconciliation and fraud. They will be the key decision makers that will disrupt the ecosystem and will have a great influence on how we innovate identity management.
Financial institutions implement stringent KYC (know your customer) and AML procedures in accordance with regulatory compliance. Knowing the identity of the client plays a significant role in customer onboarding. Adaptation of emerging technology within the finance sector has a domino effect. It takes one financial institution to be the benchmark as a technological leader.
With technologies such as blockchain advancing at a rapid pace, we are looking forward to seeing what’s next for this Canadian company, which is making waves in the digital identity space.