EDDITS and Singapore-based Touché have partnered in order to develop a new solution that would significantly simplify in-store cryptocurrency transactions.
Touché and EDDITS Aim to Revolutionise Cryptocurrency Payments
(Source: Fintech Singapore)
Due to the difficulties in accessing the buyers’ Private Key, current methods that allow in-store cryptocurrency purchases are cumbersome, costly, and inefficient.
In response to the increasing difficulties merchants faced when dealing with cryptocurrency payments, Singapore-based Touché has introduced a new POS device solution that drastically reduces the time and effort needed to process these payments.
The company has partnered with InTech S.A., a leading IT Engineering company based in Luxembourg, in order to develop the solution. According to a press release from March 2018, InTech’s newly launched service, EDDITS, is meant to provide blockchain users and applications’ providers a strong and trusted confirmation of the owner of an Ethereum address.
The company’s “Ethereum Decentralized Digital Identity Trust Services” was launched in collaboration with INFRACHAIN, and it exploits new standards in Ethereum network, the ERC-725, and ERC-735.
Sahba Saint-Claire, the co-founder and CEO of Touché, told Finews Asia that the technology to make this payment possible is already available and well structured and that the company is planning on bringing it to the market for widespread use in the near future.
How Does the New Solution Work?
According to an October 9 report from Finews Asia, the new device requires only the end user wallet. Most payment providers are required to manage their user wallets and users must send cryptocurrencies to their payment providers’ managed accounts in order to complete the transaction. Touché’s industry-leading biometric POS device is able to verify the transaction with a touch of two fingers, authenticating the users’ fingerprints in a matter of seconds.
Thanks to its ERC725 and ERC735-based Smart Contracts, EDDITS enables users to authorize the payment provider to initiate a payment from its identity to the merchant. The process, however, works only if the proof of authorization of the transaction is given.
When a payment is requested, the user authenticates himself on the device using his fingerprints and authorize the transaction. The information about the transaction is then signed and sent to the payment provider’s Smart Contract. Once the fingerprint-proof matches the one registered on the user’s account, the payment provider’s Smart Contract creates a transaction that moves ether from the buyer to the merchant.