Category Archives: Digital Identity, Privacy, KYC, AML/ATF

November 30, 2021   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, Enterprise, Scaleup, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech Services, Fundraising, Investing, Trading, Innovation and Resources, Press Releases, Voices   No comments

Liquid Avatar Technologies and Bonifii Make Verifiable Credentials Accessible for People and Financial Institutions in the Metaverse

Liquid Avatar Technologies | Cara Buckspan | Nov 30, 2021

Digital Identity and the MetaverseDENVER, CO and TORONTO, ON / ACCESSWIRE / November 30, 2021 / Liquid Avatar Technologies Inc. (CSE:LQID)(OTCQB:LQAVF)(FRA:4T51), a global blockchain, digital identity and fintech solutions company, and Bonifii, the financial service industry's first transaction network for verifiable credentials, today announce that privacy-preserving financial transactions in the metaverse will soon be possible through the upcoming availability of the Bonifii credential in the Liquid Avatar Wallet. This collaboration means that the Bonifii credential can be used as a "know-your-customer" (KYC) credential for avatars in Aftermath Islands and other compatible metaverses.

See:  Fintech Fridays EP54: How Digital Identity will Transform Human Potential

The Bonifii credential is a decentralized digital identity enabling individuals to authenticate themselves in a way that maximizes privacy and security while providing an end-to-end onboarding experience. By working with Liquid Avatar Technologies and its wholly owned subsidiary, Oasis Digital Studios ("Oasis"), Bonifii will make its verifiable credential available for players in the game Aftermath Islands and facilitate in-game financial transactions in the same, privacy-preserving way real world customers use the Bonifii credential. This collaboration in the metaverse breaks new ground in the emerging digital experiences of Web 3.0.

Indicio, a global leader in decentralized identity software and trusted data ecosystems, will provide the integration. Both Bonifii and Liquid Avatar Technologies have worked closely with Indicio to develop a range of ground-breaking decentralized identity products and services, and both companies run nodes on the Indicio Network, a global blockchain-based network for identity.

"We're extremely happy to have the Bonifii credential available for use in our digital wallet," said David Lucatch, CEO-Liquid Avatar Technologies Inc. "I cannot overstate how much this will simplify financial services for consumers and institutions alike.

Everything becomes easier for everyone-onboarding, verification, and fraud prevention. The ability to bring people who are currently underserved or excluded into services that can dramatically improve their lives - and to be able to do that in a robust, trustworthy way in both traditional online settings and the metaverse is an absolute game changer. Everyone and their avatars are going to need verifiable digital identities to live in the metaverse and function in Web 3.0."

See:  What Does The Financialization of Games Mean? GameFi

"Decentralized, verifiable digital credentials make everyone's life easier-but to us they are a breakthrough financial technology.  This technology is the foundation of Web 3.0, it is essential for privacy and security in the next stage of digital life," said John Ainsworth, CEO and President of Bonifii.

"With the Bonifii credential in the Liquid Avatar digital wallet, we are able to meet people where they are, and create a path for them to engage with and take advantage of services many of us take for granted. We also believe that we need to meet people where they are and will be digitally - and that means being available in the metaverse and providing new financial services for new consumer and commercial experiences."

See: 

OpenSea best month ever, NFT Avatars trend continuation, and Web 3.0 tipping point

Non-Fungible Tokens in the media and entertainment industry

"The metaverse and Web 3.0 are here, and we are building the infrastructure to manage how we're going to live, work, and play in the intersection of the real and the digital," said Heather Dahl, CEO of Indico.

"Bonifii and Liquid Avatar get it, they're on it-and we're excited to help them realize their vision."

The Liquid Avatar Wallet mobile app is now available to everyone via Google Play and the App Store.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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November 29, 2021   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, Enterprise, Scaleup, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Stories   No comments

NFTs and The Metaverse for Marketers

Search Engine Journal | Lisa Buyer | Nov 23, 2021

ARVR digital marketing and experiences

The Metaverse is rife with opportunities for AR/VR and NFT-savvy brands and marketers.   Imagine your avatar walking into a digital wine shop and talking to an avatar wine expert to get some questions answered.  You order the wine and have it shipped to your physical address.  Welcome to the metaverse, the intersection of our digital and physical realities.

How Are Brands Entering The Metaverse? 

It seems that VR and AR are the new digital marketing.  Brands are building Vstores or virtual showrooms designed to allow customers to take a tour, interact with a space or interact with 3D products such as cars, jewelry, or any digital asset.  Virtual try-on will enable customers to tap into augmented reality, try on glasses or makeup, and visualize furniture and other products in their homes.

Innovative marketers are taking concerts, art festivals, and sporting events and transferring them into digital experiences.

Avatars need a fashion budget.

Selling digital versions of products in virtual reality is becoming a new revenue opportunity.  Gucci, Nike, and Dior all offer digital goods that allow personalizing and customizing avatars, whether handbags, shoes, hats, or sunglasses, as avatars now need a wardrobe change based on events, seasons, and moods.

See:  Bracing For Change In The Era Of The Augmented Workforce

Going direct to the avatar (D2A) is the business model where brands are selling directly to digital identities.  Designing, creating, and selling in a digital world means no shipping or supply chain issues. Individuals can explore identities with their digital self.

Brands hit play, game on. It’s meta branding.

Sponsoring events in the physical world has proven ROI, and this traditional marketing practice is easily transferred to the metaverse.  Adding more creativity to the competition is gamifying commerce.  For example, Louis Vuitton created a video game to reach a younger audience and gamified with branded NFT collectibles.  Nike uses 3D technology to let consumers build/design their products and gain valuable intelligence by allowing fans to build their shoes.

Virtual pop-ups allow engagement at a distance.

Leveraging virtual worlds and brand placement creates a creative and customizable opportunity, especially in post-pandemic times.  One collaboration curating fashion, lifestyle, and art included  Coach, Disney, and Keith Haring.  The three made a virtual pop-up for visitors to discover and shop for special edition physical and digital gifts.  The digital shop showcased items to buy such as Mickey’s ears, shearling jackets, totes, and sweatshirts printed with Haring’s signature artwork, as well as AR filters and a bespoke Spotify playlist.  Talk about mixed realities and experiences.

See:  Ways NFTs Can Reinvent Your Small Business

Try-on in a Snap for fewer returns and more direct sales.

Snap offers brands an opportunity to leverage Snap’s AR platform to engage Snapchatters in “try-on” with shoes, sunglasses, hats,.  Once they like the product, they can go straight to purchase. Gucci made a case study for this.  “The shopping AR experience generated positive ROAS, as Snapchatters were purchasing the products from the app! Not bad for a campaign that was only supposed to generate awareness and engagement,” according to Snap.

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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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November 22, 2021   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, FinTech and Alternative Finance, Innovation and Resources, Payments, Transfers, Rewards, Research, Stories   No comments

A Digital Currency for the Public by the Public

Delve, McGill | Katrin Tinn | Nov 1, 2021

Canada dollarCould a Central Bank Digital Currency ensure privacy and transparency for every transaction? A new model of digital currency proposes a secure yet anonymous “asymmetric privacy” alternative to cash, traditional bank transactions, and cryptocurrency.

The invention of paper money revolutionized commerce. Backed by a promise of value guaranteed by the state, bills made money more portable and large transactions simpler to conduct. E-commerce rendered those transactions even easier: with a few clicks, online platforms like Shopify and Amazon made it possible to buy from sellers anywhere in the world. The hidden cost of all that convenience? Privacy. A new form of digital currency offers an emerging solution that melds cash with global accessibility and security.

See:  Podcast: CBDC implementation models and the role of the private sector including Payments Canada architect

“Cash perfectly preserves privacy in a symmetrical way,” explains Katrin Tinn, an Assistant Professor of Finance at the Desautels Faculty of Management whose research proposes an asymmetric privacy-hybrid digital currency.

“With cash, there is no need to know whose dollars were spent. The disclosure that money was received is effectively voluntary and requires costly audits to verify.”

However, when account-based money is used, banks must verify both parties in the transaction: the identity of the user of a credit or debit card and the receiver of the payment.

“In that case, the lack of privacy is symmetrical, with a transaction that specifies both sender and receiver,” says Tinn. “Of course, a bank is not going to just tell everybody how people spend their money, but in principle those records exist.”

This type of information can be used to better target online advertising, generate credit scores, or support criminal investigations and audits. Account-based transactions may be secure, but while banks protect privacy not everyone is happy with how much information they’re privy to: it’s one of the main factors causing the rise of alternative forms of payment, including cryptocurrency.

The strength of cash in secure digital form

Working with Christophe Dubach, an Associate Professor in McGill’s Department of Electrical and Computer Engineering and the School of Computer Science, Tinn proposed a Canadian Central Bank Digital Currency with asymmetric privacy. This model would allow consumers to spend anonymously but would require those that receive funds to have an ID-linked account. They call it a Privacy-Hybrid CBDC, or P-Hybrid for short.

See:  Designing a Central Bank Digital Currency with Support for Cash-Like Privacy

“There is little reason to perfectly protect the identity of the receivers of money,” says Tinn. “If someone uses cash to buy coffee, the cafeteria still needs to keep accounting records and pay taxes.”

She adds that digital records of incoming money could simplify accounting and facilitate compliance, such as making income more openly traceable by tax authorities and by institutions responsible for detecting money laundering or political donations.

Asymmetric privacy of this kind could also make it easier for businesses that receive payment in digital currencies to demonstrate income and obtain financing.

“One big problem in raising financing is the difficulty of verifying income flows,” says Tinn. “It can be a problem for individuals applying for a mortgage or firms that want to start a project. Having digital records of incoming money could help firms obtain better financing contracts. And that can add to their value.”

See:  Latest from BIS and a group of 7 central banks including Canada on retail CBDCs

In a P-Hybrid CBDC, the central bank would maintain a publicly available blockchain to demonstrate the system’s transparency, keeping public, permanent, time-stamped records of transactions. To preserve spender privacy, the system would use zero-knowledge proof, a cryptographic method that enables spenders to prove they have valid digital currency and spend it without ever digitally revealing exactly who they are.

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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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November 22, 2021   Digital Identity, Privacy, KYC, AML/ATF, FinTech and Alternative Finance, Fintech Services, Innovation and Resources, Personal Finance   No comments

Ontarians will be able to use their digital ID cards to open bank accounts, apply for government programs, access vaccination records and more

The Toronto Star | Jacob Lorinc | Nov 18, 2021

Ontario digtial ID

The program, now delayed until 2022, will give Ontarians access to an electronic version of their government ID — including driver’s licences and health cards — that can be stored on their mobile devices.

The province says physical IDs will still be issued and accepted but Ontarians will also be able to use digital cards on a voluntary basis to open bank accounts, pick up packages at the post office, apply for government assistance, access vaccination records and more.

The digital ID program was announced in October 2020 as part of a broader strategy to improve Ontarians’ access to government services during the COVID-19 pandemic, including Verify Ontario, the proof-of-vaccination app the province launched earlier this year.

See:  Digital Identity Sins

Since the announcement, the province has held a series of roundtable consultations with businesses and think tanks to discuss and develop program standards. But the digital ID took a back seat to the development of Verify Ontario, delaying the program’s release to 2022.

The province, which is partnering with the private sector to develop the technology, says the ID program will not rely on a central database or tracking measures that could breach the privacy and security of personal information.

The identification data is supposed to be protected with strong encryption software and the ability to disconnect the ID card if the device is ever lost or stolen.

While digitization can consolidate key government documents for personal convenience, experts warn it can also present new-found security hazards and equity concerns.

Ann Cavoukian, a digital privacy expert who formerly served as Ontario’s information and privacy commissioner, says the province will need to ensure the digital ID program does not rely on a centralized data system.

“The concern around a central database is that it can be subject to hacking, phishing and all kinds of unauthorized access if it’s not well protected,” Cavoukian said.

Ontarians’ physical identification card data is presently dispersed among ministries, from health to transportation. If that data is consolidated, Cavoukian says more personal information is at risk in the event of a security breach.

See: 

Liquid Avatar Technologies Supports Ontario’s Approach to Technology and Standards for Digital Identity

Digital Identity Should Be A Big Business For Banks

According to provincial statistics, as many as 700,000 households and businesses still lack access to adequate broadband speeds or have no access at all. Ontarians in rural areas, particularly in Northern Ontario, are less likely to have substantive internet access.

In a survey of Ontarians, only 17 per cent said they were ready to adopt a digital ID card immediately. Nearly 80 per cent said they would opt into the program over the next five to six years.

Continue to the full article --> here

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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November 15, 2021   Digital Identity, Privacy, KYC, AML/ATF, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech Interviews and Podcasts, Innovation and Resources, Stories   No comments

Tamara Kiteley: Liquid Avatar’s 17-Year-Old Comic Book Art Sensation

New York Weekly Times | Nov 15, 2021

Tamara KiteleyInterview with Comic book art prodigy Tamar Kiteley

Tamara Kiteley is quickly making her mark in the industry working with Liquid Avatar Technologies and debuting her work at Los Angeles Comic Con at the Los Angeles Convention Center December 3–5. Already working on comic book covers, the 17-year-old Canadian artist hopes to eventually have a career in animation.

Tamara has already dazzled Liquid Avatar with her creations, and she is working on their collaborative project, “The Outer Space Men,” where she is designing a collection of digital icons for their biometrically verified Self Sovereign Identity platform. She will be debuting her cover for “Colossus Rex” at The Outer Space Men Kickstarter on November 15.

See:  Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital Credentials

Tamara does what makes her soul shine. Her artwork is filled with inspiring symphonic textures and colors. Mesmerized by her own passion she is like an alchemist transforming art into a narrative of truth.

You are an amazing artist. How old were you when you realized that you could draw?

When I was old enough to hold a pencil. I’ve been drawing since I could. I think I was in grade school when I really realized that I could draw, so I was probably around 9 years old. I really started getting into art and creating, sketching, painting, using markers, etc. From there I just developed this passion for art, and I have loved it ever since.

How did you get into comic book art?

My dad was a huge fan of comic books. He had a lot of old comic books in the basement. He showed them to me when I was little and of course I love Marvel Comics, I love the Marvel Universe, and so I’ve always been fascinated by the style and the detail and color. So, I tried to replicate that through my sketches. That got me noticed. People started to look at and enjoy my art and they wanted me to create for them. That’s how I got where I am today.

How are you associated with Liquid Avatar, and what exactly do you do with them?

One of my mother’s very close friends, Lynn, saw my art and the things that I created, and she thought I might have the potential to create some projects for Liquid Avatar. She connected me to a lovely man, Mariano Nicieza, who worked for Marvel Comics and now runs Apex Comics Group.

See:  The Intersection of Ecommerce and NFTs: How NFT Technology is Changing DeFi

From there I ended up connecting with Liquid Avatar and re-creating The Outer Space Men figures originally created by Mel Birnkrant in the 1960s. That was my first project for Liquid Avatar. From there they gave me a comic book cover to work on as well.

Where do you hope to be in five years with your already fabulous art career?

Currently, I’m looking at colleges and universities. I have four big ones in mind. My number one would be the animation program at Sheridan in Ontario, Canada. I’m hoping to create cartoon animation, sticking with the cartoon comic book style. My dream is to work for the Cartoon Network. I want to produce cartoons for them, kids’ cartoons, adult cartoons, etc. I just want to get into animation. That’s my number one dream and goal.

Do you have Comic Cons in Ontario?

Yes, we do, however, I’ve never been to a convention before. The first convention that I’m going to, L.A. Comic Con, my art is going to be featured. That’s pretty crazy for me.

See:  Women In Fintech Will Play A Crucial Part In The Covid-19 Recovery Plan

Congratulations on that! Do people know your art?

I’ve only done work for Liquid Avatar and Apex Comics Group but soon my work is going to be featured at the Indiegogo Crowdfunder for Phazer Universe. That’s going to be for my cover which is a Blackray variant and on November 15 at the Outer Space Men Kickstarter with Liquid Avatar, which is for my Colossus Rex cover. I’m hoping that that will get me some exposure along with L.A. Comic Con. That should get some different people noticing me.

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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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November 8, 2021   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, Enterprise, Scaleup, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Payments, Transfers, Rewards, Personal Finance, Research, Stories   No comments

10% of China has already opened digital yuan wallets –> 20 million new retail wallets since June

The Block | Wolfie Zhao | Nov 3, 2021

China’s digital currency app

The number of users of China's digital yuan, also known as the e-CNY, has increased by more than six times over the past four months.

That's according to Mu Changchun, head of the Digital Currency Research Institute at the People's Bank of China, who said in the Hong Kong Fintech Week conference that 140 million individuals in China have activated their e-CNY wallets.

That number is about 10% of China's total population and has sharply increased since July when the PBoC said in its first-ever e-CNY white-paper that 20 million retail digital yuan wallets were opened as of June 30.

See:  China’s new digital yuan users soar as transactions hit $10 billion

In addition, Mu said the number of corporate e-CNY wallets has nearly tripled to 10 million from 3.5 million four months ago. The volume of transactions made through the e-CNY has jumped to 150 million with the total worth amounting to 62 billion yuan, or $9.7 billion, he added during the conference.

Since late last year, China has been making a wider push to roll out the usage of the e-CNY in major cities through lucky draws initially and then more widely available giveaways.

Continue to the full article --> here

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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November 8, 2021   Digital Identity, Privacy, KYC, AML/ATF, FinTech and Alternative Finance, Fintech International, Fintech Services, Fundraising, Investing, Trading, Innovation and Resources, Payments, Transfers, Rewards, Voices   No comments

Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital Credentials

Liquid Avatar Technologies | Cara Buckspan | Nov 8, 2021

Liquid Avatar payment infrastructure partnershipPassmateTM enables digital credentials for identity, access, and qualifications to be verified at point-of-sale payment terminals using the same platform as financial, debit and credit card transactions.

Toronto, Canada - TheNewswire - November 8, 2021 -Liquid Avatar Technologies Inc. (CSE:LQID) / (OTC:LQAVF) / (FRA:4T51) / (CNSX:LQID.CN) (“Liquid Avatar Technologies” or the “Company”), a global blockchain, digital identity and fintech solutions company, through the Liquid Avatar Verifiable Credential Ecosystem (“LAVCE”), announces the introduction of its proprietary PassmateTM services program to expand identity verification and validation opportunities for business, industry, and government through the payment terminals and Point of Sale (POS) systems found in most commercial facilities around the globe.

PassmateTM is a Software as a Service (“SaaS”), subscription based transformative technology that makes secure data sharing and proof of identity easily available to consumers and businesses by using the payments infrastructure that merchants and businesses already use. Developed in conjunction with  U.S.-based payments technology company Dynamics Inc. (“Dynamics”) and with Indicio Inc. (“Indicio”), a global leader in designing decentralized trusted data ecosystems, PassmateTM enables any business or facility currently using mainstream POS systems to deploy verifiable credentials to ensure that identity data and other high-value information can be authenticated in a secure, privacy-preserving way.

See:  Liquid Avatar Technologies and Optimize Financial Technology Partner to Launch Fintech and Neobanking Solutions for US Markets

“Dynamics and Indicio both share in Liquid Avatar Technologies’ vision for quick and reliable digitally verifiable identity that can easily scale across businesses, trade shows, events, convenience stores, restaurants, or other retailers or venues using existing point of sale terminals.” said David Lucatch, CEO Liquid Avatar Technologies. “Passmate™ is a modern and cost-efficient tool that leverages current technologies, like point of sale or payment terminals to confirm that an individual is who they say they are and that they have the correct immunization, age, or other credential to receive a service, make a restricted purchase or gain access. Secure, private, digital verification reduces fraud and increases certainty between parties while no personally identifiable information is revealed without permission. This type of easy to use, trustworthy digital identity is more timely, relevant and is more powerful than ever before.”

PassmateTM  is expected to be piloted in early 2022 as part of the recently announced Smart Age program supported by the Ontario Convenience Stores Association (OCSA) as it looks to expand current age-restricted product sales. The Smart Age program for OCSA and potentially other hospitality businesses will consist of in-store and out-of-home awareness campaigns, digital verification review at the point of purchase and, where applicable, work with other transaction processing systems to support PassmateTM integration into existing point-of-sale and payment terminals that will be used to verify credentials in order to confirm that the customer is of legal age to purchase restricted products.

The PassmateTM SaaS subscription and micro-transaction program will first be introduced with the direct support of Dynamics and then be made available through Liquid Avatar Technologies and Dynamics to other transaction processors in Canada, the United States of America and globally. The Company is already in discussions with leading payment processing and solutions providers and is planning to launch PassmateTM with health credentials and age verification in early Q1 2022 as it looks to support industry and government issued credentials.

See:  Liquid Avatar Technologies Partners with the Ontario Convenience Stores Association (OCSA) to Provide Digital Age-Verification Solutions to Over 8,000 Stores

“Liquid Avatar Technologies’ product line to make easy-to-use, verifiable digital identity is the type of ambitious innovation goal that aligns with Dynamic’s mission to change the world without changing the way the world works.” said Jeffrey Mullen, CEO of Dynamics Inc. “With Passmate™ integrated into the point of sale, businesses of all sizes will be part of an advanced capability for reducing fraud and uncertainty in the industry.”

The Future of Private Digital Communications

Liquid Avatar Technologies continues to roll out further enhancements to the LAVCE that go beyond conventional payment and communications technology solutions. As part of ongoing development and its commitment to Decentralized Finance (DeFi) and blockchain-based initiatives, the Company uses the combination of decentralized identifier technology (DIDs) and decentralized identifier communication called ‘DIDcomm’ to enable highly secure, peer-to-peer data sharing, including payment and secure communication between parties in Passmate™.

The advantage of using DIDcomm in Passmate™  is that it provides communication across multiple channels—the web, email, mobile push notifications, QR codes, Bluetooth, message queues, and more. Each peer-to-peer communication is unique, secure, and provides the parties communicating with complete control over their private data.

“It is hard to overstate the potential impact of DIDComm on the future of digital communications,” said Heather Dahl, CEO of Indicio.tech. “It’s a foundational protocol that will change how people connect to each other on the Internet. It will allow the development of much richer interaction while enabling consent, transforming security, and ensuring privacy. It enables merchants and businesses to create a new world of direct, personalized concierge-quality interaction with their customers and to offer them new services—all without having to go through a third party, and without the headache of data privacy regulation.”

See:  Liquid Avatar Releases Major Update to their Digital Identity Mobile App

The Company believes that LAVCE’s implementation of DIDcomm to verifiable credentials and payment technologies will be one of the first commercial applications of its kind in in North America, and will create a plethora of use cases and opportunities for consumers, businesses, and the Company

“DIDComm has the same excitement and possibility around it as HTTP did when it was first launched.” Lucatch said “Liquid Avatar Technologies is fully committed to the advancements that Indicio is working on and is helping to facilitate in the Decentralized Identity Foundation and other standards bodies. This technology is crucial for the future transformation of online payments, making them more secure, more trustworthy, and closing the chapter on financial fraud and identity theft.”

For more information, or to book a demonstration of the technology and how the LAVCE can assist your organization to support your reopening and health care objectives, please contact Liquid Avatar Technologies.

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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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