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R & d of next generation decentralized privacy, identity, security and compliance on digital currency networks

To integrate digital currency networks into the global financial system, certain checks and balances need to be put in place to ensure the adherence to local laws and regulations, as well as protect consumers from fraud, and maintain their rights to privacy.

The Goal is to collaborate on a research project so that both firms can coordinate their efforts in their respective areas of strength, and to open access to products and services through APIs - Allow Bitaccess to gain access to research, development and products of SBEX when approaching the North american market (and SBEX to have its products distributed in the NA market) - Allow SBEX to gain access to research, development and products of Bitaccess when approaching the European market (and for Bitaccess to have its products distributed in the European market) - To integrate digital currency networks into the global financial system, certain checks and balances need to be put in place to ensure the adherence to local laws and regulations, as well as protect consumers from fraud, and maintain their rights to privacy Goals of Project: - Research methods to detect, monitor and report activity on decentralized currency networks - Research methods to store, encrypt, transfer and verify identity information of customers on decentralized currency networks Current status of the technology from both a domestic and global perspective: - Digital currency technology is currently in an early adopter phase Commercialization Progress: -Both Bitaccess and SBEX have commercialized products in their respective markets Bitaccess has commercialized the industry leading digital currency Kiosk in 15 countries -SBEX SA has commercialized a digital currency brokerage service in europe through the fastcoin.ch brand, serving customers in over 35 countries - Global Digital currency networks emerged in 2008 and have been growing exponentially in both use and value over the past 5 years - There were approximately 1.3 Million individual Bitcoin users at the start of 2014, up from numbers totalling around 100,000 in 2011 - These networks are currently used by niche industries, and are gaining significant interest from larger markets in payments, international transfer, asset management and banking ii. Technical and commercial objectives - Research Advances, and commercialization results in in: --Multi-signature highly scalable digital currency keychains -- Encrypted decentralised storage for user documents. -- Validation/Authentication of documents -- Decentralized sharing of customer information to trusted third parties - Proof of documents existence into an encrypted decentralised storage -- Digital Currency Double spend detection algorithms -- Detection of spending activity, and identification of source and destination of funds -- Application/Analysis of all of the above on alternative digital currency networks as necessary (Ex. Ethereum, Sidechains, etc.) Commercial Objectives: -- Provide a software suite to global money service business clients -- Integration of digital currency products into the domestic financial system -- Compliance with global and local laws with respect to financial services -- Provides complete privacy of end customer data -- Allow of streamlined integration into current banking regulatory frameworks
Acronym: 
BLOCKCHAIN PISC
Project ID: 
10 349
Start date: 
15-10-2015
Project Duration: 
12months
Project costs: 
610 000.00€
Technological Area: 
ELECTRONICS, IT AND TELECOMS TECHNOLOGY
Market Area: 
COMPUTER RELATED

Raising the productivity and competitiveness of European businesses through technology. Boosting national economies on the international market, and strengthening the basis for sustainable prosperity and employment.