Liquid Avatar upgrades SSI consumer app as staggering growth forecast for decentralized ID
Liquid Avatar has updated its digital identity mobile app to provide “Smart Age,” government and health credentials for consumers based on self-sovereign identity principles. Voice recognition as a secondary, biometric authentication method is one of the features introduced.
The company says its Liquid Avatar Mobile App and Liquid Avatar verifiable credentials ecosystem, which it styles as “LAVCE,” can support a wide range of physical and online applications and comply with new and challenging regulatory requirements. An upcoming SDK and APIs will allow integration with third-party apps to allow app and game developers, payment processors and others to offer identity verification within their own services.
New features in the update include encrypted messaging, machine readable governance, and the LQID Card, which will be available in the U.S. soon, according to the company announcement. The app’s bank grade reusable digital identity credentials are suited to over 200 countries. Secondary authentication can now be performed with SMS, PIN or voice biometrics.
The interface has also been updated, and verifiable credentials are available for the metaverse, restaurant reservations, KYC validation and gaming.
“Based on Self Sovereign Identity principles, individuals and entities can create a reusable identity Verifiable Credential that can be used with the LAVCE platform to prove who they are without sharing private data,” comments Liquid Avatar Chief Information Officer RJ Reiser. “This is the foundation to provide safe and secure online services that begin to realize the benefits of Web3.”
The market for decentralized digital identity, meanwhile, is estimated at $285 million this year by MarketsandMarkets, growing to over $6.8 billion by 2027, for a staggering 88.7 percent compound annual growth rate.
Rising breaches and identity fraud are driving decentralized identity adoption at enterprises, according to the new market report. The BFSI is segment is expected to lead in adoption over the forecasts period.
Uncertain regulatory status and fragmented standards could restrain growth, according to MarketsandMarkets.
Social impact partnership
Liquid Avatar has also partnered with D.A.R.E America to provide 30,000 plots of virtual land through its Aftermath Islands Metaverse controlled subsidiary.
D.A.R.E is an acronym for Drug Abuse Resistance Education.
The idea is for the organizations to jointly develop new mixed reality and engagement programs to support D.A.R.E. and related brands and communities.
“For more than 20 years, I have been associated with and supported the D.A.R.E. program, its team, and its communities,” says David Lucatch, CEO of Liquid Avatar Technologies, and Managing Director of Oasis Digital Studios Limited and Aftermath Islands Metaverse Limited. “I have seen firsthand the progress that the D.A.R.E. organization continues to make in teaching K-12 students, families, and communities not only about drug and alcohol resistance, but about online safety, opioid avoidance, metal health initiatives, and other programs that will help enhance the wellbeing of students and their communities. From my experience, the interactions students have had with D.A.R.E. officers and the program are remembered fondly as they continue with their life journeys. Our Team is honored to have this opportunity to bring Liquid Avatar Technologies’ innovative and immersive programs to D.A.R.E. America and their communities to help steward that important mission in our increasingly digital world.”