News coming from Saudi Arabia indicate that Saudi automated teller machine (ATM) provider Alhamrani Universal (AU), has entered into a partnership with blockchain identity platform Shocard to develop a blockchain-based biometric ATM, according to a press release published on Feb 27.
This collaboration between Alhamrani Universal (AU) and Shocard will create a new type of an ATM, which will combine blockchain technology and biometrics as part of a five-factor authentication process. This ATM will reportedly allow users to make use of a blockchain based app, for facial recognition, instead of personal identification numbers (PIN) to withdraw money.
The ATMS will not only come with the advantage of facial recognition features, but will also reportedly be able to communicate across banks all over the region. The deployment of blockchain technology in the ATM’s software architecture will allow it to confirm user’s identities without the need to access bank databases.
One party in the collaboration that will see this ATM come to reality, Shocard; commented on the developments through the firm’s CEO. Armin Ebrahimi, who is the CEO and Founder of the outfit, said that; the blockchain “protects individuals” identity while confirming the information that banks need to verify that a withdrawal is legitimate.
The other party in the collaborative venture, Alhamrani Universal happens to be the largest ATM provider in the Middle East. The ATM giant which was founded back in 1981; commands over 50 percent of the ATM market share in Saudi Arabia. If the plans made by Alhamrani Universal in conjunction with Shocard reach fruition, it won’t be the first time the blockchain has been used for identity management systems.
Just recently; computer tech giant Oracle, announced the expansion of features on its commercial Oracle Blockchain platform, including identity management and data integration features, such as enabling the integration of blockchain transaction history with other data resources.
November 2018 saw American software corporation Microsoft, release a server less blockchain-powered Azure development kit, which contains features like off-chain identity and data, monitoring, and messaging application programming interfaces (API) in a format that can be used to develop blockchain based apps.
ATMs powered by the blockchain seem to be popping up in all parts of the globe, with a host of Blockchain ATMs being rolled out in Asia and parts of America. Crypto publication Coindesk, reported back in December that the Bank of America had made a patent application to have shared networks of Blockchain powered ATMs, with the ambition of implanting “ATM as a service”.
These developments only go to prove that the use cases for the blockchain only seem to be growing. The facial recognition ATM feature will especially go a long way in not only identity recognition but also security.
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