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.