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Saudi Arabia-based ATM provider Alhamrani Universal (AU) has partnered with blockchain-based identity authentication platform ShoCard to develop a blockchain-powered biometric authentication ATM compatible with local banks.
The ShoCard-powered ATM will enable consumers to use their blockchain-based app and faces instead of personal identification numbers to withdraw money from cash points. It will use blockchain technology to confirm an individual’s identity without accessing the bank’s database.
According to the official release, the prototype is currently undergoing testing and is likely to be rolled out in production soon.
“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,” said Mr. Tariq Abdat, CEO of Alhamrani Universal.
The ShoCard solution introduces 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 a user will be verified. By combining biometrics and blockchain, it will allow AU’s ATMs to verify all customers irrelevant of their banking partner.
“The ShoCard solution will solve the issue of card fraud at ATMs that continues to plague banks and consumers. It fits nicely into existing ATM technology, which usually already has a camera installed, and makes the customer experience as seamless as possible. At the same time, it utilizes blockchain technology to protect individuals’ identity while confirming the information that banks need to verify that a withdrawal is legitimate,” said Armin Ebrahimi, Founder and CEO of ShoCard.
