Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital Credentials
PassmateTM 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.
“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.
“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.”
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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About Dynamics Inc. – https://www.dynamicsinc.com/
Dynamics Inc. designs and manufactures edge-to-edge flexible electronics, traditionally used in payment cards and mobile phones, and has over a decade of experience building proprietary secure transactional platforms. Dynamics has raised more than $110 million and has won numerous technical achievement awards including Best of Innovation Awards at the International Consumer Electronics Show in both 2011 and 2018. For more information, visit https://www.DynamicsInc.com.
About Indicio – https://indicio.tech/
Indicio is the leading developer of decentralized identity blockchain networks and software designed to privately exchange and verify secure data. The company develops, runs, and hosts networks using the latest in Hyperledger Indy network monitoring tools and resources. It led the creation of Cardea, a complete architecture for verifiable and secure health records for Linux Foundation Public Health and runs comprehensive instructor-led educational training workshops. These power a growing ecosystem that solves fundamental problems in online verification, identity, privacy, and zero trust security.
About Cardea – https://cardea.app
Cardea is a complete ecosystem for the exchange of privacy-preserving digital credentials, open sourced as a project in Linux Foundation Public Health. Launched by Indicio.Tech, Cardea provides an easily verifiable, trustworthy, unalterable proof of health tests or vaccination that can be shared in a privacy-preserving way. Cardea easily integrates with existing health systems to ensure trusted data sources for credentials and uses decentralized identity technology to enable better control of data for individuals. Cardea recently announced its first reference implementation in partnership with SITA for the Aruba government.
About Liquid Avatar Technologies Inc. –www.liquidavatartechnologies.com
Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.
The Liquid Avatar Mobile App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.
The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) has been developed to support all participants in a digital credential ecosystem, including the Holder, Issuer and Verifier, using state-of-the-art blockchain and open standards technologies initially as a node on the Indicio Network. The Company is a voting and steering committee member of the Trust over IP Foundation, founding and steering committee member of Cardea, a Linux Foundation Public Health project, member of the Good Health Pass collaborative, DIACC, the Covid Credentials Initiative (“CCI”), The Linux Foundation and a founding member of the Lumedic Exchange.
The Company has a suite of early-stage revenue generating programs that support the Liquid Avatar Mobile App program, including KABN KASH, a cash back and reward program that has over 600 leading online merchants. In Canada, the Company also has the KABN Visa Card, a “challenger financial” platform that allows users to manage and control a range of financial services for traditional and digital currencies. The Company is currently exploring expansion of the KABN Visa Card program to other geographic regions, including the USA.
The Company's subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) and Digital Collectible solutions.
Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol “LQID” (CSE:LQID).
The Company also trades in the United States, on the OTCQB under the symbol “LQAVF” and in Frankfurt under the symbol “4T51”.
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Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information and forward-looking statements contained herein include, but is not limited to, statements regarding the future launch of sales of digital and physical collectibles, Non-Fungible Tokens and other related products through Oasis Digital Studios and / or its clients, partners and other service providers, an integrated offering engine, statements regarding the future capabilities of LAVCE or the operation of an Indicio Network Node, statements suggesting LAVCE or an Indicio Network Node (“Company Services”) will be successfully launched and integrated into the Liquid Avatar platform and partner programs, information concerning the timing for the launch of Liquid Avatar apps, the plans for future features of the Liquid Avatar apps, expected geographic expansion, the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. With respect to (i) the future Pilot timing of Company Services , the Company has assumed that the current build of such offering(s) as specified will remain on time and on budget and that partners and suppliers involved in the offering(s) will deliver their required goods and services in the same way; (ii) statements regarding the future capabilities of the Company Services, the Company has assumed that the partnerships and / or current blockchain technology and infrastructure will remain substantially unchanged, and that new technologies will need to be developed as required; (iii) statements suggesting Company Services will be successfully launched and integrated into the Liquid Avatar platform(s), the Company has assumed that government, industry and market conditions will remain relatively focused on the testing and presentation of Covid testing, vaccination record presentation and other credential requirements for identity and access to venues, facilities, hospitality, education, healthcare, travel and other destinations; that rules, laws and jurisdictional regulation for crypto currency and related token offerings will remain substantially unchanged.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: failure of partners or suppliers to deliver on time and within scope and or budget; failure to obtain necessary approvals from governments and other jurisdictional regulatory bodies; lack of sufficient capital to expand the Company's geographic footprint or to add new features to the Company's offerings; changes in general economic, business, and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
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