DeFi blockchain ecosystem powered by facial recognition becomes Aus first
BAXE has partnered with IDEMIA, the global augmented identity company, and Haventec, an Australian software company that decentralises sensitive data and credentials, to launch the first decentralised blockchain ecosystem using a facial authentication solution for identity verification in Australia.
With this solution, BAXE users around the world will be able to authenticate high-value transactions, reclaim lost passwords or regain access to locked accounts using their face as a secure identification method.
This solution will enable face verification in a matter of seconds, resulting in faster service overall.
Haventec’s platform will be integrated into IDEMIA's Identity Management platform, which helps BAXE securely store and manage the created digital identities.
Utilising IDEMIA's Identity Management solution provides BAXE with the ability to create, store and manage digital identities in a secure space with high assurance.
This simplifies the digital identity authentication processes and helps comply with various Know-Your-Customer (KYC) and data privacy regulations, the company states.
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.
BAXE CTO Dylan Blankenship says, “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.”
BAXE is currently developing an extensive ecosystem of applications across a decentralised finance (DeFi) blockchain network.
With personal security and privacy at the forefront of design, the 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.
IDEMIA head of business digital unit Australia and New Zealand, Alex Paxinos, says, “As the world becomes more digitised, 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.”
Haventec CEO David Maunsell says, “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.”