Patents are traditionally looked to as a way to protect innovation, but this imperative is shifting towards a way to improve business practices. Many tech companies, banks, innovators are viewing the patents as an important part of their innovation and digital transformation.
Nowadays, innovators continue to realize the transformative potential of blockchains and distributed ledger technologies. Although blockchain was in its early years mostly associated with cryptocurrency, nowadays blockchains are much more than cryptocurrencies. This technology promises new, transformative solutions to problems of trust, control, and distribution of data.
Recognizing the promise of blockchain technology, Blinking continues to invest in blockchain-related technologies and their applications. The investments lead to innovation and the desire to protect the innovation to get a return on the investments.
Investment in smart use of intellectual property can deliver long-term value for potential investors and shareholders that is why Blinking’s business strategy is strongly correlated to innovative solutions and their protection.
We asked our COO, Milos Milovanovic, to walk us through Blinking’s newest achievement – patent Authentication Method For A Client Over A Network.
- Explain to us in brief your patent?
Our patent opens the possibility of creating a digital identity in a service environment. Patent explains a cleverly designed method to establish users’ identity in a distributed blockchain environment. The most important aspects are directed towards protecting private and sensitive data and also enabling flexible levels of anonymity as required by specific business use cases.
- Does Blinking’s method represent an innovation in the digital identity space?
Blinking method gives a fresh approach to the next generation of digital identity. A good balance between anonymity, data protection but also usability and ease of use is achieved. Instead of relying on users to be fully responsible for their data and protection keys, this method offers a service model for identity management while simultaneously giving a high level of data protection and confidence in users safety. A lot of effort was invested in designing the best protection model that honors users’ privacy and requires users to be involved and give consent to actions. This is a central point of this patent. We believe this model is the future of digital identity.
- Why did you decide to use Blockchain and what advantages does it bring to the table?
Blockchain offers many structural advantages to applying the proposed model. Distributed nature protects data integrity and safety while different channels enable flexible levels of anonymity. Also permanent ledgers provide the best transparency but also forensics mechanisms.
- What are consortium identities and their use in practice?
For instance now you have a model where Trusted service providers issue identities to their users that are only useful on the territory they cover. Users are unable to easily be mobile with their identities and use them for instance in other countries. This technology can enable such interoperability. Also a good link can be made among various business entities that can join forces to offer better products to their users (insured loans for payments and similar).
- How does this patent treat/protects user identities?
This patent has two main principles. First it gives a separation layer between users and entities offering them services. This layer is bridged only with consent and interest of both parties. Second principle is based on the idea that users should protect their private data (documents, certificates etc.) by proving their identity, through various schemes (biometrics, password, devices…). The major innovation is that every use case can be protected by a different combination of authentication mechanisms mainly dependent on a mix of security and usability.
- Is patent claims application aligned with Blinking’s business objectives? How are we planning to commercialize our patent?
Of course, findings from this patent are built into our products that are successful in the market. Additionally, one of the new products that will be used in the Trusted service industry will be based on this patent.
- Why is this patent important on a personal level to you?
This patent is proof of our commitment to innovation engagement in previous years and one more validation that our work is progressive. But the most important validation comes from the market and all the improvements it introduces in digital identity, user experience, privacy but also digital transformation of various businesses. Smart use of intellectual property is an important part of innovation and digital transformation for the business community and at Blinking we are strongly supporting this progress with our innovation tools and our new perspective on digital interactions.
Blinking has been selected for the third generation European Bank for Reconstruction and Development (EBRD) Star Venture Scaling programme as a high-potential company from Serbia.
The EBRD’s Star Venture programme identifies high potential, innovative start-ups and companies which are ready for lift off. The Star Venture Scaling programme will support us with world-class business advice and open the access to finance to strengthen performance and accelerate the company’s life cycle. We are delighted to enter an advisory project that will be tailored to our specific needs and will further boost our growth strategy.
Blinking has displayed the superior technological solution for scalable business and demonstrated strong competitive advantage for market expansion and growth.
Our COO Milos Milovanovic reflects on the programme and its benefits:
“We are very excited and honored to participate in the EBRD Star Venture programme. We feel that our company is in a great place in its journey to be a part of this endeavour. Participation will connect us to important businesses and investors that can help us fuel our incredible growth. Additionally, quality advice from great people involved in the program will help us direct our activities on the stable path of success.”
We are pleased to announce the partnership with Tesla Capital, a part of the Securities and Commodity Contracts Intermediation and Brokerage Industry and leading online brokerage house in Serbia and the region of Southeast Europe. In order to accelerate digital transformation and to deliver a superior end-customer experience to their tech-savvy clients, Tesla Capital joined forces with Blinking to produce a frictionless onboarding process.
Customer expectations are changing, driven by other industries which focus more on efficient operations and digital experience. Businesses are obliged to see digital transformation as a necessity not a competitive advantage it used to be. In order to achieve greater value and efficiency information has to flow seamlessly between companies and clients.
To achieve this frictionless digital status Blinking uses AI-powered document and biometric verification – Identify solution, to verify users quickly and efficiently while meeting (KYC) requirements.
From now on, Tesla Capital clients will be able to use the Blinking Identify platform for the entire user registration process, from coming to the site to signing the documentation, completely online. Clients will be able to confirm their identity in less than 7 minutes.
In this 7 minutes process we enable clients with an additional step: a high-quality live video session between the agent and the client. This step enables additional confirmation of identity, which implies compliance with all legal regulations in Serbia and other markets where Tesla Capital operates.
Further, Blinking enables online documents signing with OTP SMS code (contract, consent), all in a few clicks.
We are dedicated in supporting Tesla Capital’s vision to focus on client superb experience and seamless integration on their system by using our superior biometric verification solution.
This award is presented for the contribution to the development of the banking technologies and their application in the practice and is given for the most innovative technological solution which has been applied during the previous year.
In accordance with the digital transformation strategy, AIK Bank, in cooperation with partners, Blinking and Comtrade System Integration, has successfully implemented a project called “Resolved on the go”. This made AIK the first bank in our territory to provide most of its products, up till now available only in branches, accessible online to all existing and future clients.
Respecting their client’s needs for the services and products to be available 24/7, AIK Bank has followed the trends of advanced banking by developing its services for digital use. Thanks to the excellent cooperation and spot on coordination, AIK Bank managed to execute the project in just 4 months.
Resulting partnership enabled AIK Bank clients to prove their identity in a seamless way online, without going to the bank’s branches. Clients can now apply for various banking products – account opening, credit card, cash loan or refinancing loan. The process is completely online, from checking the validity of the biometric document, all the way to signing the contract documentation.
For the first time in Serbia, with the help of the Blinking Identify solution, advanced artificial intelligence technology was applied in the automated validation of personal documents of citizens, ownership of documents through biometric characteristics and automatic process control when taking a service or product.
The process begins by checking the validity of the personal document, then through photographing the user, the biometric characteristics are extracted, which check the liveliness and cross-match the photo from the personal identification document. As a step further, real-time remote video identification stands out, as well as electronic signing of documentation (enabled by Blinking). Depending on the product itself, steps are defined in accordance with the regulations of the National Bank of Serbia, and some of them are: loan calculator, pre-contractual documentation, different types of consent, signing documents remotely, etc.
We are excited to share this superb news and award with our partners AIK Bank and Comtrade System Integration and we are honoured to be recognized by AIK as their trusted onboarding partner.
We are pleased to announce our client acquisition in North Macedonia. Our new client, Diners Club Macedonia, was established in 1996 as the first credit card issuer in the country. Macedonian branch is part of the Diners Club International system, a card network that reached more than 8 million outlets abroad and more than 3,000 outlets in Macedonia, enabling customers to shop in installments, pay monthly bills (mobile phone, heating etc), purchase insurance policies, withdraw cash in case of emergency etc.
Expanding their network with a large number of users requires constant UX innovations. In addition, their desire for safe and secure processes, with the highest level of protection, has led to cooperation with Blinking, a leading company in the field of digital identity and user onboarding.
From now on, Diners clients will be able to use the Blinking Identify platform for the card issuing process, which will enable them to verify and confirm their identity in a fraction of time without visiting a branch office.
By integrating the Blinking Identify solution, Diners Club customers can apply for the product in a very simple way – by photographing an ID document (Blinking extracts data and checks the validity of the document), followed by selfie (biometric verification of matching photo with ID document). Client’s identity is verified in just 2 steps. In the meantime, various checks are being done, such as background checks and credit score checks. Further, Blinking enables online documents signing (contract, consent), all in a few clicks.
Diners Club operates in accordance with the regulations of North Macedonia and is obliged to confirm the identity of its clients every 2 years. With the Blinking Identify platform employed, this process is greatly simplified – a user can confirm his identity in less than a minute, completely remotely, without going to a branch office or worse – by sending sensitive data through insecure channels.
We are pleased that ID verification and digital transition is part of Diners Club Macedonia strategy and we will be glad to help them embrace these technologies to offer the best customer experience whilst maintaining security and trust as the key business drivers.
Our new client, RFID-GOLD, a leader in digital cryptocurrency gold, pushed to automate customer onboarding process by using Blinking’s biometric verification platform powered by AI.
RFID-GOLD is a digitisation of investment grade gold tagged with RFID technology that offers a secure, decentralized and value-based alternative to a store of wealth for any individual in the form of a globally recognised precious metal, without prejudice and free from the confines of traditional storage and banking fees.
RFID-GOLD is a natural bridge between the crypto and physical gold world as an Initial Coin Offering to become a digital stablecoin pegged to verifiable physical investment-grade gold, allowing holders to invest in this precious metal leveraging on blockchain technology whilst being able to view the actual gold bars in real-time live stream. Using this technology, the gold bars are safely stored in a former Swiss military bunker and securely registered using RFID (Radio Frequency Identification) verification technology.
As a digital platform, the RFID-GOLD needed a solution for secure and frictionless clients onboarding. At Blinking data security and safety come first, in addition our processes are intuitive, seamless and frictionless and user friendly. Their quest for a secure identification platform for onboarding new clients and verifying their identities is met by our cutting-edge solution. RFID-GOLD has recognized Blinking Identify as an excellent platform for automated ID verification processes.
Our cooperation is based on customer involvement through the Blinking Identify SaaS platform, which allows customers to easily and quickly verify their identity, while having a seamless and pleasant experience.
We would like to welcome our new partner and ultimately increase security and safety for all of their future clients with a safe identity verification solution.
Commercial Passport introduces innovations into its identification and verification system powered by the Blinking Identify platform.
The company’s services offer a secure repository and sharing platform for counterparty client due diligence and compliance processes, enabling a clear chain of custody for KYC documents through blockchain technology.
Commercial Passport platform delivers what risk and compliance departments need in terms of true certification for documents that comply with KYC regulations. With a high focus on output format for users. Most competitors don’t understand the fear for financial institutions isn’t just regulations, it’s also cultural. When we remove the fear of not being in compliance we un-cuff them from their paper-based process and free them to use our digital tools.
The company offers application support in the due diligence process for businesses all over the world. They are a go-to place to find out who your business partners are. Their advanced KYC software solution is used to automatically create a company’s portfolio – a Commercial Passport. Their growth path signaled the need for the frictionless yet robust partner in remote verification and identification field and Blinking came as the enabler of a simple process which delivers instant results.
Previously, clients had to physically bring their documents for further clearance. Now clients receive a link from Commercial Passport to confirm their identity. Blinking Identity helps to overcome the physical barrier between the Commercial Passport HQ and clients. Now, it is possible to confirm the identity of various stakeholders in business systems online in just a few steps.
Commercial Passport cares about the security of its customers’ data and strives for a safe and secure platform to verify their identities. In addition, the Blinking Identify platform brings them the best user experience.