Major Saudi ATM provider, Alhamrani Universal (AU) has partnered with ShoCard, a blockchain identity platform, to develop a blockchain-based biometric Automated Teller Machine.
According to the press release published on February 27, the collaboration between the two will see AU and ShoCard creating a new type of ATM combining blockchain technology as well as biometrics as part of a five-factor authentication process. The ATM will purportedly allow individuals to use a blockchain-based application integrated with a unique facial recognition feature to withdraw funds. This may be an excellent start to bid goodbye to those personal identification numbers we have been using to withdraw funds by far.
Where the ATMs will be able to communicate across banks in the region, the deployment of the blockchain technology will allow it to confirm the users’ identities without accessing the bank databases.
The founder and CEO of ShoCard, Armin Ebrahimi, said –
“Blockchain protect[s] individuals’ identity while confirming the information that banks need to verify that a withdrawal is legitimate.”
Founded in 1981, Alhamrani Universal is reportedly the largest ATM provider in the Middle East with over 50% of the ATM market share in Saudi Arabia.
Blockchain has been broadly adopted for identity management systems. Even the global computer tech giant, Oracle, recently announced the expansion of features on its commercial Oracle Blockchain Platform. The new features include identity management as well as data integration like helping the combination of blockchain transactions history with many other data resources.
In November 2018, American software corporation, Microsoft, released a serverless blockchain-powered Azure development kit containing features like off-chain identity and data monitoring and messaging application programming interfaces (API) in a format which can be employed to develop blockchain-based applications.