Blockchain based Biometric ATM will be in Saudi Arabia

Alhamrani Universal (AU), the Saudi ATM provider, has recently made a new partnership with ShoCard, in order to develop a blockchain based biometric ATM.

atm

According to their press release recently published, the partnership is about creating a new type of ATM that will combine blockchain technology and biometrics of a five-factor authentication process. Eventually, this will enable customers to use a blockchain-based app and facial recognition rather than personal identification numbers for withdrawing funds.

As stated, the ATM will be able to communicate across banks in the region. However, thanks to the deployment of blockchain technology, users’ identification will be done without the need to access bank databases. As a result of the new mix between the distributed ledger technology and biometrics in the development of this ATM, scams, and frauds will be avoided. the five-factors will include the ShoCardID, a QR Code, timestamps, session IDs and other certification methods such that the selfie IDs and more, in order to verify users.

About this new partnership, Mr. Tariq Abdat, CEO of Alhamrani Universal announced “We’re delighted to be working with ShoCard to develop a blockchain-based biometric ATM that will play a major role in helping to reduce fraud for consumers. Digital transformation is a key pillar of Saudi Arabia’s Vision 2030 and collaborating with trusted technology partners such as ShoCard allows us to offer solutions that meet ever-growing demands for innovations,”

The new ATMs are currently in the prototype phase. It’s likely to be rolled out in production soon, once testing is complete. However, no data have been released. Similarly, Biometric ATMs have already been deployed elsewhere in places like Taiwan and Spain. By the same token, in a recent announcement, global computer tech giant Oracle is working of the expansion of features on its commercial Oracle Blockchain Platform, which includes identity management and other data integration features, such that the integration of blockchain transaction history with other data resources.

Tags

Khalil Liouane

Computer Engineering student, interested in blockchain tech startups creating innovative solutions that can shape a better future.If you are one of those startups email me: contact@decentral.news

Leave a Reply

Your email address will not be published. Required fields are marked *