BidiPass, a provider of a secure blockchain-based personal authentication system for physical and digital transactions, has joined forces with ICOBox, the premier provider of SaaS solutions for ICOs. As well as the benefits that await consumers and credit institutions signing up to the platform, the financial upside of the project is significant. According to a report issued in 2017 by Research and Markets, the global mobile money market alone is forecast to grow at a CAGR of over 38% a year and to exceed USD 400 billion by 2025. ICOBox will offer its comprehensive package of technical, legal and marketing services to BidiPass.
As digital technology evolves, customers expect instant gratification of their daily needs. This includes the ability to access their funds wherever they may be globally, using any digital device, be it their phone, watch, tablet or desktop computer. At the same time, they want a secure and reliable system, which will enable them to withdraw funds and make payments without the need to carry around countless credit and debit cards and without having to remember related passwords. The system must also protect both their identity and assets.
Unfortunately, their needs have not been met by most banks and other financial institutions, held back in part by additional controls imposed on them by governments and regulators since the 1998 global financial crisis, including restrictions on capital movements. In addition, banks tend to operate on legacy systems that are cumbersome and vulnerable to cyber-attacks. In July 2017 Italy’s largest bank, UniCredit, was hacked, with data from 400,000 accounts allegedly stolen. Meanwhile in December 2017 researchers from the University of Birmingham, UK, using in-house tools, identified a serious vulnerability in the banking apps offered by a number of banks that makes it easier for hackers to assume a user’s online identity. The BidiPass team, composed of renowned professionals from the banking and information technology sectors, believe they have found the answer to these problems.
The BidiPass platform offers a solution that will help all parties in settlements, enabling customers to be approved instantaneously and giving financial service providers access to new customers and potential revenue. The solution consists of a Quick Response Code (QR Code) and the company’s own token Bidicoin (BDP), which will be used throughout the BidiPass ecosystem. The banking and financial applications represent only a small part of the numerous online and offline applications offered by BidiPass. The BidiPass blockchain-based platform will help to minimize the risk of identity theft through a digital identity authentication system BidiKey. A mobile user receives a unique two-dimensional code, which includes encrypted data as an encrypted session key that certifies the service provider of the user. The user’s mobile device captures an image of the code, which is converted into character code. The company’s proprietary technology for the personal authentication of mobile devices has been patented for use globally. The potential value of this patent has been appraised in millions of dollars by prestigious patent and intellectual property rights company Clarke & Modet, Co.
As BidiPass President Fernando Albarrán notes, consumers will now be in charge: “BidiPass will facilitate seamless and secure financial transactions conducted simply and rapidly. At the same time, all the customers on our platform will be able to manage all their data on one application and use a personal digital passport recognized by any institution joining the BidiPass network. Using our sophisticated technology, we can help financial institutions become more agile and enjoy access to new revenue streams, without having to tinker with their legacy systems.” On the new partnership, he adds: “BidiPass is keen to move forward and receive advice from the team of ICO experts at ICOBox on how to advance our project to the next level.”
“We enjoy working on projects where the customer is king,” comments ICOBox Co-Founder Nick Evdokimov. “Consumers are looking for an easy, secure way to perform financial transactions. They appreciate the convenience that blockchain provides, and BidiPass is leveraging the power of this technology to give them what they want.”