In the next few months, Saudi will be accessing their cash over an ATM through an app which will be based on blockchain technology. The latter will be made possible since Alhamrani Universal (AU) the largest operator of ATMs has just signed a deal to work with ShoCard to develop a biometric ATM using blockchain technology. Through the use of blockchain, AU will be getting rid of fraud issues that have mannered its business operations in Saudi Arabia as an ATM provider.
Furthermore, blockchain technology will be making the process more secure since ShoCard blockchain systems will employ a five-factor authentication algorithm. ATMs in place use personal identification numbers to enable the cardholder to withdraw cash. However, instead of getting rid of the systems already in place, ShoCard blockchain solution will be adding facial recognition to facilitate withdrawal of money from ATMs. ATMs already have cameras installed ShoCard blockchain solutions fits perfectly. When it comes to identification process ShoCard blockchain solution will turn to data captured through initiating its five-factor authentication process. The blockchain solution will scheme through customer’s data obtained in different ways such as selfies, check sessions IDs, timestamps, QR Codes or analyze ShoCard ID. Through its five-point authentications process, ShoCard blockchain solution will proceed to confirm the customer’s identify by checking its database without having to interact with the bank’s database. Through its authentication process, issues of fraud will be a thing of the past.
Alhamarani Universal is the Perfect Client for this Solution
For a provider who enjoys operating 50% of ATMs across Saudia Arabia, ShoCard solution is the perfect partner for blockchain solution. Its extensive network will provide for an easy way to check out the blockchain solution and inspect any faults that may arise. With a porotype already in place, the new biometric solution project is a go and Saudis should be ready to explore the advantages that come with using an app to access their funds right at an ATM.
Apart from ShoCard working on developing a blockchain solution, Microsoft and Oracle are also exploring the opportunities available on blockchain. For the latter, they just expanded on their blockchain platform to include additional features. On the other hand, the former launched its development kit Azure which is powered by blockchain. Apart from working with AU ShoCard is also working with other international financial institutions.