How biometry will revolutionize in-store cryptocurrency payments.
Current in-store cryptocurrency purchases are cumbersome and costly due in part to the difficulties in accessing the buyers’ Private Key. Payment providers are required to manage their user wallets and users must send cryptocurrencies to their payment providers’ managed accounts to transact. The most common way to do so is to generate a QR Code on the merchant’s Point of Sale (POS) machine and scan it with a mobile phone that contains the users’ Private Key to generate payment.
EDDITS and Touché have jointly developed a solution that significantly simplifies in-store cryptocurrency transactions, allowing customers to make purchases and pay directly in Ether from their own Ethereum address in a fully decentralized way. With this new solution, EDDITS and Touché have for the first time initiated a cryptocurrency payment from a POS device that uses only the end-user wallet with a touch of two fingers. Touché’s industry leading biometric POS device authenticates the fingerprints.
Touché EDDITS, thanks to ERC725 and ERC735-based Smart Contract, enables a user to authorize the payment provider to initiate a payment from its identity to the merchant’s, provided that the proof of authorization of the transaction is given. During the enrollment process, the users’ fingerprints are linked to its identity Smart Contract as claims issued by Touché. When a payment is requested, the user authenticates himself on the device using his fingerprints and authorize the transaction. The data are signed and sent to the payment provider’s Smart Contract. If the fingerprint proof matches the one linked to the user identity, a transaction is generated by the payment provider’s Smart Contract to move the ETH from the buyer identity to the merchant’s one. “This innovative payment solution will greatly simplify cryptocurrency transactions for payment providers, removing the need for them to manage user wallets,” said Sahba Saint-Claire, Chief Executive Officer and Co-Founder, Touché. “It will also enhance security for customers since each payment will require cryptographic proof generated on the Point of Sale device at the touch of two fingers.” “With EDDITS, we started by linking strong off chain identities to ERC725 Smart Contract in a trustless way in order to ease the KYC of blockchain address owners. “Through this cooperation with Touché, we achieved a further step by providing an easy to use yet highly secure in store payment solution based on the same foundation” said Fabrice Croiseaux, CEO of InTech and creator of EDDITS. “ERC725/735 allows us to leverage the power of blockchain while staying compliant with current regulations.”
EDDITS ( https://eddits.io ) is an innovative on-line service that associates a strong digital identity to an address in Ethereum blockchain. This service is meant to provide blockchain users and applications’ providers a strong & trusted confirmation of the owner of an Ethereum address. EDDITS is developed by InTech, an IT company located in Luxembourg that provides consulting and expertise in information technology. With more than 100 engineers, InTech helps its customers to create innovative services through the use of emerging technologies and works on blockchain since 2013. InTech is a member of the POST Luxembourg Group. More info at: http://www.intech.lu
Touché is a Singapore-based technology company whose world leading biometric solutions deliver fast and convenient transactions at the point of interactions and highly secure, personalised consumer experiences benefiting banks, merchants and customers. Founded in 2014 by an experienced management team, Touché is headquartered in Singapore with offices in Barcelona and Tokyo. Touché’s biometric-based device and industry leading data analytics solution was launched in 2017. The Touché solution re-invents the point of interaction for merchants and customers by enabling customers to pay, redeem rewards and loyalty points-based discounts at the touch of two fingers. Touché’s strategy is to pursue exclusive collaboration with acquiring banks in each market and with category leading partners in industry verticals.
- Kauri original title: How biometry will revolutionize in-store cryptocurrency payments.
- Kauri original link: https://kauri.io/how-biometry-will-revolutionize-instore-cryptocurr/c9bc2f882cc44a3ea781d738ec7674ca/a
- Kauri original author: Fabrice CROISEAUX (@fxzo)
- Kauri original Publication date: 2018-12-02
- Kauri original tags: none
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