Firms coordinate on biometric POS
09 October 2018 17:23 GMT

EDDITS and Singapore-based Touché have jointly developed a new solution that significantly simplifies in-store cryptocurrency transactions.

Current in-store cryptocurrency purchases are cumbersome and costly due in part to the difficulties in accessing the buyers’ Private Key. Payment providers are required to manage their user wallets and users must send cryptocurrencies to their payment providers’ managed accounts to transact.

The most common way to do so is to generate a QR Code on the merchant’s Point of Sale (POS) machine and scan it with a mobile phone that contains the user’s Private Key to generate payment.

EDDITS and Touché have initiated cryptocurrency payment from a POS device that uses only the end-user wallet with a touch of two fingers. Touché’s biometric POS device authenticates the fingerprints.

EDDITS, thanks to ERC725 and ERC735-based Smart Contract, enables a user to authorise the payment provider to initiate a payment from its identity to the merchant’s, provided that the proof of authorisation of the transaction is given.

During the enrolment process, the user’s fingerprints are linked to its identity Smart Contract as claims issued by Touché. When a payment is requested, the user authenticates himself on the device using his fingerprints and authorise the transaction. The data are signed and sent to the payment provider’s Smart Contract.

If the fingerprint proof matches the one linked to the user identity, a transaction is generated by the payment provider’s Smart Contract to move the ETH from the buyer identity to the merchant’s one.