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-The software can enable offline payments of digital euro on existing devices, ensuring common access
DUBLIN, January 25, 2024 /PRNewswire/ -- Reliance on new devices can greatly restrict access to the digital euro and exclude a large proportion of citizens who do not use contactless devices.
In May 2023, the “Polaris Project: Handbook for Offline CBDC Payments” published by the Bank for International Settlements stated that:
"Secure elements are relatively expensive and may not be available or suitable in all cases, especially in countries where smartphones or EMV-based smart cards are not widely available."
To achieve accessibility for all, the rollout of the digital euro should not depend on the availability of hardware-based secure elements within devices, as this method would exclude almost half of the Eurozone population.
The integration of software and hardware components reduces device obsolescence and allows users in the eurozone to access the digital euro from any device. The digital euro could offer double protection, including a mechanism to avoid crises if hardware or software fails. This dual-layer security design encourages greater access and resilience.
Fluency announced a new phase of its innovative central bank digital currency (CBDC) software development system, Aureum™. The result was the completion of a highly secure end-to-end CBDC software offline solution that can be used with or without a secure element and then deployed to current devices without the need to manufacture new mobile devices or SIM cards.
Since Fluency's solution supports Bluetooth, NFC and QR codes, as well as cards, it can be used with both new and old devices, making it much more accessible and affordable.
Beyond the secure element found in newer mobile devices, Fluency's innovative offline solution offers enhanced mobile payment security that significantly improves the system as a whole. To do this, it uses a multi-layer security protocol approach and resolution mechanism, which go beyond existing security methods in mobile payments. Protects the compromised transaction even in the event that a crash attack compromises the security element. In addition, it acts as a formidable barrier, preventing double spending.
Inga Mullins, CEO of Fluency, commented: "Fluency strongly supports the implementation of a digital euro, which is why our offline software solution has been purpose-built to enable the widest adoption and access by citizens. It is also not necessary for users to make more investments or replace their current devices.
"Fluency is of the opinion that the most viable path to the adoption of the digital euro is to enable 24/7 access to secure offline payments through durable and upgradeable software, as it provides quality access that is not hindered by hardware." potentially expensive new. A software solution like Fluency's Aureum overcomes the shortcomings and limitations of a hardware-only solution that may be limited by one device or chip. Instead, it allows accessibility to be securely delivered to everyone."
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