Algorand Funds LoginID to Develop Identity Verification Technology for Its Blockchain Ecosystem

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Algorand Funds LoginID to Develop Identity Verification Technology for Its Blockchain Ecosystem
Algorand Funds LoginID to Develop Identity Verification Technology for Its Blockchain Ecosystem

Algorand, an environmentally friendly crypto, has continued to improve and develop different functionalities in its ecosystem. Algorand funded LoginID to develop identity verification technology.

LoginID to Modify Algorand Identity Verification API and SDK

In an announcement by Mobile ID World on October 8, Algorand funded LoginID to modify its identity verification API and SDK for use on its blockchain platform.

The Algorand platform is an open blockchain ecosystem specially designed for the general public. Its creators hope to make the blockchain more accessible and make it easier for people to take advantage of the transaction guarantees that the technology can offer.

With this in mind, Algorand supports LoginID and strives to provide users with an easier one-click authentication process. The solution will allow people to verify their identity with the biometric sensors on their smartphones, making all parties involved in the transaction more secure. This technology can be used to confirm transactions and generate secure digital signatures related to biometrics.

Customers to Enjoy Passwordless Authentication Process

Once the LoginID research is complete, developers can integrate the finished API and SDK into their own customer-facing applications. At the same time, end users can enjoy a passwordless (and FIDO authentication) authentication process without having to install plug-ins.

Sean Lee, CEO of Algorand, pointed out that there are more than 4 billion devices in circulation that support the FIDO protocol, creating a potentially large user base for the LoginID solution. The Algorand blockchain currently has 13 million accounts and processes more than 1 million transactions per day.

Algorand and LoginID did not disclose the scope of the final authorization. This funding will complement the $6 million LoginID raised for seed funding and Visa investment to help develop identity verification solutions for the payments industry.