Collaborating with industry at the leading edge of cybersecurity research
Ryerson鈥檚 Cybersecurity Research Lab is developing Mosa茂que, a purpose-built digital wallet to use for transactions that require proof of identity to prevent fraud.
Canadians are increasingly conducting their financial affairs online, especially as the COVID-19 pandemic keeps people home. , 76 per cent of Canadians are primarily banking online or through a mobile device. But some purchases 鈥� like real estate 鈥� are difficult to complete online due to the need to confirm identities.
Ryerson鈥檚 Cybersecurity Research Lab (CRL) at the Ted Rogers School of Management, led by professor Atefeh (Atty) Mashatan, is at the forefront of information security solutions, collaborating with industry and training the next generation of cybersecurity experts. The group鈥檚 expertise in blockchain technologies, quantum computing and more is applied to new applications that meet pressing industry needs, such as addressing the opportunity for fraud in the Canadian real estate market. With the real estate market鈥檚 current use of mostly paper-based systems, transactions can be vulnerable to fraudulent activities during practices like double-ending, when a real estate agent represents both the buyer and seller.
An example is Mosa茂que, a purpose-built digital wallet, created by the lab and currently in development. It鈥檚 a decentralized and data-driven identity and credential management system that enables users to interact with blockchain applications while offering digital identity services so that transactions that require proof of identity, as in the case of real estate purchases, can go forward digitally. The Cybersecurity Research Lab developed Mosa茂que with the real estate industry in mind, but the technology could be applied to other uses, including supply chain provenance, health-care treatment plans, insurance claims and more. In addition to offering protection against fraud, this digital wallet can help to create efficiencies in real estate transactions between institutions involved such as banks, lawyers and land registries. Mosa茂que will be ready for licensing in 2021.
This purpose-built digital wallet is just one of the lab鈥檚 suite of research projects, tackling topics such as quantum computing challenges, the Internet of Things and hybrid cryptography.
Related links:
Cybersecurity Research Lab (opens in new window)
Mosa茂que: a Purpose-built Digital Wallet (opens in new window)