TORONTO: KABN Systems NA Holdings Corp. has entered into an agreement with Indicio, a professional services firm, to build and launch the Liquid Avatar Verifiable Credentials Ecosystem (LAVCE).
The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) aims to support and enable online identity assurance which includes a digital credentials wallet and platform for issuers, verifiers, and individuals to support the issuance, verification, and management of verifiable credentials for digital identity.
The Company believes that digital identity is addressable to 100% of the online market.
This solution is one of the first global platforms to support governments, healthcare, workplaces, hospitality and other businesses and organizations as they begin to issue digital credentials and to empower users, at no cost, to manage and take full control over storage and use of these credentials, their digital identity, and personal data.
Using the LAVCE, individuals, or “holders” will be provided with a digital wallet that will be able to, within Liquid Avatar, support a wide range of verifiable identity and other digital credentials based on the Trust over IP open-source governance and technology stacks, to which KABN is a steering committee member, and industry standard data models.
Together, with the Liquid Avatar app and its high-quality digital image icons that can represent various facets of a user’s personality, the system will usher in new tools and services to create verifiable digital identities allowing for new and innovative ways for users to create a holistic profile of themselves that they manage and control, through self-defined personas.
KABN North America will pay for the build and operate the LAVCE and the new verifiable identity credentials program creating an open-source solution to drive industry adoption and support standards that everyone can build to.
This program is expected to ultimately replace the Company’s current KABN ID solution.
“With over 5 Billion people online and about 400 million people in the US and Canada the world continues to get smaller through increased digital presence and opportunities. Providing individuals with a no-cost service that allows them to prove who they are and verify, manage, control and generate value from their digital identity has the potential to create significant consumer and commercial opportunities,” said David Lucatch, CEO KABN North America.
“The creation of the LAVCE and our new digital identity credentials align with our goal to make Liquid Avatar engaging and simple to use as governments and industry continue to move swiftly towards adopting increased levels of security, regulation and compliance, enabling consumers to control their identity and data usage. This program also supports our industry efforts with the Trust over IP Foundation, Lumedic Exchange and other company efforts.”
Liquid Avatar will be releasing its live, open beta app globally in Google Play and Apple App Store on February 18, 2021, subject to all final approvals. The LAVCE is expected mid-spring as part of Liquid Avatar’s ongoing release schedule.
“We are excited to be working with KABN and the Liquid Avatar team to build and deploy the Liquid Avatar Verifiable Credential Ecosystem to enable issuers, verifiers and consumers to use verifiable credentials to deploy digital identity solutions that preserve privacy while enhancing security and safety,” said Heather Dahl, CEO Indicio.
“Liquid Avatar and the LAVCE will potentially provide a paradigm shift in the way that individuals manage, control and use their digital identity and will be interoperable with a host of emerging ecosystems and solutions through its open-source protocols,” said RJ Reiser, Chief Business Development Officer KABN North America.
“We believe that our digital wallet will be a foundational piece that will empower consumers to fight against fraud in all its forms.
Working with Indicio and its world-class, industry leading team, we will be creating one of the world’s first consumer facing digital wallet programs that will enable issuers, verifiers and consumers to easily and simply adopt and deploy verifiable identity and additional credentials solutions.”
KABN NA will earn potential revenues through card transaction fees, comarketing, bounties, commissions, and other fees paid by partners and vendors.
The Company believes that other consumer and revenue programs will emerge as Liquid Avatar gains traction in the market.
Liquid Avatar will launch in phases, as the Company prepares and tests additional service and program offerings to make it easier for users to become familiar with the Liquid Avatar platform, Self Sovereign Identity and Verifiable Credentials.