Digital identity buys time, and the team from Belgrade is developing an application that will give you complete control

Can you imagine making a purchase by scanning your face or entering a football match after the janitor confirms your identity by scanning? All you need to do is scan your ID card or other similar document via the app on your phone and take selfies. Then these two data are paired and after confirming that you are in the details, you received your digital identity in the form of a QR code or badge.

The possibility of fraud is minimal, because artificial intelligence works on the principle of "liveness check" - it recognizes whether it is a real person, and not a photo or a mask. Thanks to the solutions developed by Incode Technologies, this is already the present.

It is a Serbian-Mexican startup based in San Francisco, California, worth more than 1.25 billion USD, which explores the ways in which people confirm their identity and communicate with companies based on artificial intelligence. They cooperate with a large number of world banks, fintechs, hotels, governments.

The money they received for investments will be used to expand the team, to look for the right talents that can lead us to the ultimate goal, which is further product development and finding "use cases". They started from the classic "onboarding use case" when a person needs to show his ID card and his face and thus create his digital identity, which can be in the "cloud" or just on the phone. This idea can spread in many ways. One of the "use cases" is opening a bank account or presenting before arriving at the hotel, as well as at a certain event, whether it is a football match or a concert, and everything starts from identity verification.

After Covid, the way of doing business at a distance became very popular, and the user of various services, such as those in the bank, would like not to appear in the branch, because it saves him time, and on the other hand reduces the risk of infection. On the other hand, bank employees can dedicate themselves to other things.

The identity verification itself is done by the machine, which is done automatically - which buys time for both the employee and the user.

In Europe, this whole story is less developed, and one of the reasons is the GDPR, which is very strict and controlled. Serbia still does not have such a solution, and Incode plans to appear on our market at some point. Currently, the focus is on North and Latin America, as well as Western Europe.

The team is investing in research on machine learning, and more recently in quantum computing. They believe that this will provide additional acceleration for their algorithms, as well as that the future of the development of both hardware and software is quantum computing.

Source: eKapija

 

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