KABN forms consortium for health digital ID, adds cloud biometrics
The KABN Network has announced the formation of a consortium of digital ID industry leaders to empower people with digitally verifiable healthcare identity credentials that are secure, portable and easy to use to prove their COVIOD-19 status. The company has also announced the addition of cloud-based biometrics to its Liquid Avatar platform, and a plan to raise $1 million from a private placement.
Initial members of the consortium include Lumedic Exchange, which will power the healthcare credential ecosystem, Loop Insights, which provides automatic contact tracing, The Campus Agency and TripXpertz. KABN’s Liquid Avatar self-sovereign identity (SSI) platform will be used by the consortium to enable healthcare providers worldwide to issue identity-based verified credentials in what KABN says is a secure, effective and cost-efficient ecosystem.
The idea is to give qualified healthcare professionals a way to issue a verifiable credential that venues and other facilities can use to verify the credential and the user in real time to grant access or services. The Trust over IP framework (see below) can be used to power a COVID-19 vaccination credential for use in educational settings, workplaces, tradeshows, healthcare, sporting events and concerts, travel, places of worship and other venues.
“We want to empower users to return to public life and the things they once did freely, pre-COVID-19, with ease and continued safety,” says David Lucatch, CEO of KABN. “Our goal is to help get everyone back to life as efficiently and effectively as possible, so a sense of ‘normality’ can be re-established. Liquid Avatar and the ecosystem, together with this amazing group and a growing list of partners, will potentially enable businesses, schools, entertainment venues, and more do the normal things that they do and give users the power to engage with them as they did before the pandemic changed our lives.”
The Liquid Avatar platform allows users to remotely manage their credentials and information through ‘icons.’
Cloud biometrics launched for Liquid Avatars
KABN’s platform now also enables biometric identity verification independent of the user’s device through a cloud service, the company says in a separate announcement. The service can be used from mobile phones, tablets, computers and other devices with both a camera and an internet connection. The company suggests the biometric service for applications like account logins, digital wallets, and verified access and identity credentials.
In addition to bank grade identity and biometric verification, KABN’s Liquid Avatar is working towards the 2021 launch of “guardian” services, in which access control through biometric data can be authorized for a secondary person, like a parent for services used by children. The service can also be used to grant emergency access to a user’s data to a biometrically-authorized person.
KABN joins ToIP Foundation as Steering Member
KABN also recently joined the Trust Over IP (ToIP) Foundation, taking on a strategic role as a Steering Member to take a role in enabling trusted exchanges of verifiable digital credentials.
The ToIP Foundation was launched this year and has more than 170 member individuals and organizations, with the common objective of improving the way people interact online. The organization is working to define a complete architecture for internet-scale digital trust, combining cryptographic and human trust to bridge the gap between traditional fintech services and new verified credential processes, according to a third announcement from KABN.
“I am certain KABN will make a strong contribution to the Trust over IP Foundation,” states John Jordan, executive director, BC Digital Trust Service and executive director of ToIP. “People and businesses are going to continue using the internet to build relationships and complete transactions digitally with all the risks of security breaches and fraud that go along with it today. It’s time for a change. Global leaders are working together at our Foundation to make it possible for people to be known and to build trusted relationships online. I am happy to have KABN be part of this effort.”
ToIP has a dual governance and technology stack with four layers that are meant to establish a model for how utilities, technical components, business rules and human-centered design can solve the problems of low digital trust and consumer confidence in the use of personal data.
Plan to raise $1M
KABN has also engaged Mackie Research Capital Corporation to be sole agent and bookrunner for a private placement of the company’s stock at an indicative price of $0.15 each, for gross proceeds of up to $1 million.
Each unit in the offering consists of one common share and one common share purchase warrant, the latter exercisable at $0.20 each.
The agent receives a cash share fee equal to 8 percent of the gross proceeds, and an option to offer up to an additional 15 percent of the number of units sold in the placement.