Saudi Arabia's ATM provider Alhamrani Universal (AU) has reportedly entered into a partnership with the blockchain ID platform ShoCard targeting blockchain- and biometrics-based prototype of ATM.
The companies are going to develop a new kind of ATMs that will use both technologies and biometrics simultaneously to carry out authentication which will consist of five factors.
"The ShoCard solution closes the door to these scams by introducing biometrics as part of a five-factor authentication process that also includes the ShoCard ID, a QR Code, timestamps, session IDs and other certifications methods by which the user was verified, like selfie IDs and more," the press release reads.
Such an automated teller machine will enable clients to withdraw their funds with not personal ID numbers but a decentralized app and facial recognition.
These new machines are going to exchange data among regional banks. As a result, customers will no longer need to have access to banking databases to confirm their ID. Pursuant to ShoCard CEO and founder Armin Ebrahimi blockchain protects 'individuals' identity while confirming the information that banks need to verify that a withdrawal is legitimate."
Alhamrani Universal established back in 1981 is the leading provider of ATMs in the Middle East and covers above 50% of the Saudi market.
The blockchain technology is becoming increasingly popular among companies specializing in identity management systems. Even such tech giants Oracle and Microsoft resort to using it for its purposes.
05 March, 2019 14:12← Ernst & Young rolls out new crypto tax instrument
Ernst & Young consulting and audit firm commissioned a tool that is aimed to help the crypto market players to cope with their accounting and taxes calculation. The launch of the new solution was announced this Monday. The tool called EY Crypto-Asset Accounting and Tax (CAAT) is developed to facilitate the accounting and tax calculation processes for institutional and individual customers related to the crypto industry.
04 March, 2019 17:25Court of Illinois rejects appeal of Mark Karpeles to suspend Mt Gox case in USA →
The Court of Illinois State decided to reject the appeal filed by the lawyer of ex-CEO at dead Mt Gox crypto exchange Mark Karpeles regarding the suspension of the case against Karpeles launched in the USA. The lawyer cited the ongoing civil rehabilitation case in Japan Karpeles as a reason for this request.