Blockchain-Powered Biometric ATM Planned By Saudi Arabia’s Alhamrani Universalbr>
Alhamrani Universal is the largest ATM solution provider in the Middle East and enjoys more than 50% market share from the total number of ATM’s in the Kingdom of Saudi Arabia.
Founded in February 2015, ShoCard provides a mobile application for definitive authentication while protecting users’ privacy. This allows for a variety of use cases, such as repeat authentication, true-digital signature with non-perishable audit-trail, transaction authorization to prevent fraud, and frictionless login services without username/password.
The two companies are collaborating to develop a blockchain-powered biometric authentication ATM compatible with local banks. The biometric ATM prototype will be designed to communicate across banks and will utilize blockchain to confirm an individual’s identity without accessing the bank’s database.
The prototype, which will be powered by ShoCard’s solution, will reportedly enable consumers in the region to use their blockchain-based app and faces instead of personal identification numbers to withdraw money from cash points. 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, AU’s ATMs will be able 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,” said Armin Ebrahimi, Founder and CEO of ShoCard. “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.”
According to the companies, 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,” said Tariq Abdat, CEO of Alhamrani Universal. “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.”