Blockchain Digital Wallet Fintech News

Liquid Avatar Technologies Digital Wallet Enables Consumer Use Of Secure Verifiable Credentials

Liquid Avatar Technologies

Mobile app offers a privacy-preserving way to verify customer identity while reducing potential fraud

Liquid Avatar Technologies Inc., a global blockchain, digital identity and fintech solutions company announces a significant update to the Liquid Avatar Verifiable Credential Ecosystem (“LAVCE”), which is the Liquid Avatar Wallet. This digital wallet will be part of the upcoming release of the Liquid Avatar Mobile App, available in the Apple App Store and on Google play, which is currently under review for release.

This downloadable digital wallet enables consumers to use verifiable digital identity credentials anchored in blockchain technology that are resistant to fraud, highly secure, and privacy preserving.

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The Liquid Avatar Wallet unlocks a new way of issuing, sharing, and verifying information, providing immediate benefits to businesses and organizations. Businesses of all sizes can now interact with customers in a way that provides the highest level of assurance that the information shared is valid, while also preserving privacy and preventing fraud. Use of the Liquid Avatar Wallet can mean that:

  • Identity and health verification can support social responsibility and the return to everyday activities.
  • Credit card fraud, which is an estimated $28 Billion dollar issue worldwide, can be mitigated significantly when purchases, both online and offline, are tied to an easy-to-verify proof of identity
  • Purchases that require proof of age can be authoritatively verified—and in a way where date of birth can be confirmed without disclosing personally identifiable information.
  • Travel, which under pandemic restrictions involves multiple documents and in-person verification, can be streamlined into a simple one-scan verification.
  • Passwords are no longer needed. All the old, cumbersome, and insecure ways of proving identity are unnecessary. Once a credential is issued by a trusted entity, it can be verified through a distributed blockchain network.

“One of the key benefits of the LAVCE and the Liquid Avatar Wallet that I feel very strongly about is that it increases value for all parties,” said David Lucatch, CEO—Liquid Avatar Technologies Inc. “While we’ve all been keenly focused on health verifications, there is so much more that verifiable credentials and the Liquid Avatar Wallet can do.  Age verification is a critical issue for those that sell restricted products and failure to do so can lead to loss of opportunity to sell a variety of products and potentially loss of income and business. The potential risks of identity fraud are constant and can be costly. We’re making this kind of verification reliable, hassle free, and low cost. That’s step one. And if we then integrate verifiable credentials with point-of-sale systems, selling restricted items to underage customers could be effectively eliminated.”

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Liquid Avatar’s Wallet and credential ecosystem was built with technical assistance from Indico.tech, a global leader in decentralized Trusted Data Ecosystem development, and with the same data privacy principles and technical standards as the Province of Ontario’s plan for Digital Identity and following a similar roadmap. This means that the Liquid Avatar Wallet will be interoperable with other identity credentials built using the same guidelines. The Company as a member of the Digital Identification and Authentication Council of Canada (DIACC) is also on a path following the guidelines set out by the Pan-Canadian Trust Framework for digital identity.

“The ingenious thing about this technology is that it is custom built for a world where there are exemptions to everything,” said Lucatch “We can automate and rapidly update the most complex government or commercial requirements without placing any burden on the user. These are the keys to the future—flexibility and simplicity. We are hopeful that the chaos of Covid will eventually dissipate, but we are moving to a world where a user’s data privacy and consent is part of everyday life. This technology delivers simple, flexible solutions on all fronts.”

To encourage future adoption, Liquid Avatar Technologies will offer a software development kit (SDK) for both iOS and Android that can be embedded in, and power different apps, for use with corporate and government portals, and other solutions to make it possible for all types of organizations to support digital wallets and verifiable credentials easily and effectively.

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[To share your insights with us, please write to sghosh@martechseries.com ]

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