One of the world’s leading financial consulting firms, Deloitte, has partnered up with the Chicago-based identity management company Attest Inc. to develop a blockchain-based digital ID system providing a government level of security.

Attest is an ID management startup company that provides a shared identity platform enabling its clients to conduct transactions.

The first product scheduled to be released in collaboration of two companies is Attest Wallet, a cryptographically secured identity storage. Experts compare it to a cryptocurrency wallet. The Attest Wallet will enable users to store digital versions of state and business IDs in one place under a secured access.

The second solution is called Attest Enterprise, and it comprises two application programming interfaces (APIs) that allow users to verify identity, authorize third parties and provide consent to others for managing data on their behalf.

Co-founder and CEO of Attest, Cab Morris, suggested that a government-issued digital identity has a lot of potential to reduce costs and risks for businesses in all industries, while also providing citizens with greater security, privacy and control over personal data.

Additionally to expanding on blockchain technology in the U.S., on September 25 Deloitte announced its partnership with the Institute’s RiskBlock Alliance blockchain consortium to expand in Canada. In collaboration with Canadian-based property-casualty and life/annuity insurers, Deloitte will be handling methodology, prioritization and development of a wide range of blockchain solutions, focused on the life cycle of an insurance transaction.