“IDEMIA’s role in the project will be to provide facial recognition technology for the selfie-based authentication of end users.”
IDEMIA is providing biometric authentication technology for an ambitious decentralized finance project in Australia.
The project is being led by the Australian firms BAXE and Haventec. BAXE is a FinTech company working on an extensive DeFi ecosystem aimed at letting end users conduct transactions in the emerging web 3.0 digital economy. Haventec specializes in the decentralization of sensitive credentials and data.
IDEMIA’s role in the project will be to provide facial recognition technology for the selfie-based authentication of end users. The company has a demonstrated track record in this area, having announced a 3D facial recognition system for mobile devices back in 2018, and teamed up with selfie onboarding specialist Onfido in early 2019.
In developing their DeFi platform, BAXE’s leadership saw this kind of biometric security as an important element of the user experience and security.
“Traditionally, financial services are highly dependent on authentication for security and manual verification can be very time-consuming. Our solution will address these issues as it leverages biometric technology to ensure security while greatly enhancing convenience,” explained BAXE CTO Dylan Blankenship. “It was important for us to work with proven technology partners to bring this vision to life, and IDEMIA was the natural choice for their distinguished track record in digital identity management.”
The use of selfie-based biometrics appears to be a growing trend in decentralized identity platforms. Microsoft made a big splash last spring with its support for selfie-based Decentralized Identifiers for its Azure AD service; and, more recently, selfie onboarding specialist announced a decentralized identity-focused partnership with Anonybit.
“As the world becomes more digitized, so too will our identities,” commented IDEMIA Australia and New Zealand’s digital business unit head, Alexi Paxinos. “Through our world-class Identity Management platform, IDEMIA is pleased to support BAXE and Haventec in delivering a revolutionary new authentication solution for users in Australia, which enables them to reap the twin benefits of convenience and security via innovation.”
January 18, 2022 – by Alex Perala