BAXE has partnered with IDEMIA and Haventec to launch the first decentralised blockchain ecosystem using a facial authentication solution for identity verification in Australia. This solution will enable face verification in just a matter of seconds
Haventec’s platform will be integrated into IDEMIA’s Identity Management platform. Supported by IDEMIA, the biometric authentication solution is designed to streamline the re-identification process for BAXE users, eliminating traditionally lengthy verification processes, such as having to contact support teams and manually re-verify identity to approve transactions and restore account access.
“With Australians increasingly embracing digital financial services, the time is right for the user experience to evolve as well. 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. 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,” said Dylan Blankenship, CTO of BAXE.
BAXE is currently developing an ecosystem of applications across a decentralised finance (DeFi) blockchain network. BAXE applications consist of communications, storage, payments, ecommerce applications. Through this ecosystem, BAXE offers users products and services to invest, buy, sell and trade within the emerging web 3.0 digital economy. BAXE will use Haventec’s Authenticate platform to perform two-factor authentication within the ecosystem, which includes a facial authentication check via a self-taken photo.
“As the world becomes more digitized, so too will our identities. It is more important than ever for companies to take the necessary steps to secure the protection of the digital identities of their users in order to maintain trust in the relationship. 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,” said Alexi Paxinos, Head of the Digital Business Unit, Australia and New Zealand, at IDEMIA.
“There is no more sensitive data than that which defines your identity in the digital realm, and data protection must be a core focus of any modern digital innovation to boost user confidence. With the rolling key encryption and multi-factor protection of our Authenticate platform, we decentralise digital identities to ensure maximum security. It is our pleasure to collaborate with fellow technology partners IDEMIA and BAXE to bring truly cutting-edge innovations to life and ensure that they are protected against modern digital threats for better resilience,” said David Maunsell, CEO of Haventec.
