Mobile eWallet powered by Hyperledger

Mobile payments application powered by enterprise Blockchain system

The Story

Blockchain and cryptocurrency technologies were rapidly evolving in the recent years, framing a completely new financial market powered by decentralization. Numerous types of blockchain networks, consensus algorithms and platforms were tested before the community exposed the way to use cryptocurrency payments for routine transactions. 

However, even blockchain evangelists admit that there are cumbersome issues still exist, preventing the technology from serving large amount of people in their daily life. First, as cryptocurrencies were initially designed with the security in mind, it caused issues with networks capacity. The transactions took unreasonably long to execute with ridiculous fees applied. This problem initially made cryptocurrencies uncompetitive compared to traditional payments providers, but, fortunately, it was solved pretty easily with the introduction of new consensus algorithms.

The biggest problem was associated with the asset storage and authorization. There are numerous stories available on the web describing huge amounts of assets irrevocably lost because of lack of attention to the storage security. This problem is not fully solved yet and became one of the main challenges for us when working on this project. We applied the best knowledge and experience acquired when working on traditional fintech projects where the security compliance is critical. 

The main goal of this project was to create a cryptocurrency wallet and infrastructure for hassle-free daily experience, capable to handle both online and PoS payments in a traditional way for customers.

The Solution

To address the security problem there was MultiSecure Technology designed and implemented, which contains the following features:

 

  • Dynamic Biometrics Authentication

  • Two-factor authentication (2FA)

  • Miltisignature transactions

  • MultiDecentralized Private Blockchains Network

 

Compared to other fintech platforms, the solution we built comes with an extra layer of security. MultiDecentralized Blockchain Network safeguards users information by splitting it and storing onto different blockchains. 

 

One more big achievement was implementing of Key Recovery Service, a function that allows to restore the private keys of users. So, losing the keys is no longer a reason to panic and it makes the system more friendly and convenient to use. All the keys are stored in physically isolated cold storage, making it impossible to access the keys without a proper biometric verification. 

 

The convenience for cryptocurrency holders came with over 150 currencies supported by the wallet and seamlessly converted into any fiat currency for instant purchases. The wallet supports NFC, QR codes and Biometric authorization to initiate the payments.  In order to support that, there was a unique blockchain network and consensus algorithms designed, supporting over 100K transactions per second, 4 times more than Visa. 

The Outcomes

The project set the industry benchmark in terms of convenience and security for daily use of the cryptocurrencies. Bitcoin, Ethereum and 150 of other cryptocurrencies are no longer just investment assets but a convenient replacement of traditional payment systems. As of 2019, the total market capitalization of all cryptocurrencies is more than 100bn and these funds were circulating mainly outside of consumer transactions space. With the release of the secure mobile wallet and blockchain ecosystem, cryptocurrencies became closer to the end users and merchants across the world. 

 

The system successfully obtained U.S. SEC approval for its Regulation D filing and EU license, proving the overall security of the data storage, auth and transaction processing. As the result, we were able to deliver a product with the following attributes:

 

  • Safe and secure

  • Private Key Recovery function

  • Instant transactions and confirmations

  • Seamless currency conversion 

  • NFC and QR codes support

  • MultiDecentralized Blockchain Security

  • Dynamic Biometrics Verification

  • KYC protocol 

  • Merchant apps

  • iOS, Android, Web platforms support

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701 Ridge Hill Blvd., 4H, Yonkers, NY 10710

hello@velmie.com

650-353-7636