The partnership will see ShoCard and AU create a new type of an ATM combining blockchain tech and biometrics as part of a five-factor verification process. The ATM will purportedly enable users to use a blockchain-powered app and facial recognition in place of a personal identification number to withdraw funds.
The ATMs will reportedly to able to communicate across banks in the region, while the implementation of blockchain tech will enable it to confirm users’ identities without the need to access bank database. Founder and CEO of ShoCard, Mr. Armin Ebrahimi, stated that blockchain “protects individuals identity while confirming the information that banks need to authenticate that a withdrawal is legitimate.”
Established in 1981, Alhamrani Universal is the largest ATM provider in the middle east, having over 50% of the ATM market share in Saudi Arabia.
Blockchain technology has been widely accepted for identity management. As of late, computer tech giant Oracle declared the expansion of features on its commercial Oracle Blockchain Platform, including identity management and data integration features, like allowing the integration of blockchain transaction history with other data resources.
In November 2018, software giant Microsoft launched a serverless blockchain-enabled Azure development Kit, which includes features like off-chain identity and data, monitoring, and messaging application programming interfaces (API) in a format that can be applied to develop blockchain-powered apps.