Reliance on new devices can significantly restrict access to the digital euro and exclude a large proportion of citizens who do not use contactless devices.
In May 2023, the Bank for International Settlements published a document titled “Project Polaris: Handbook for offline CBDC payments”:
“ Secure elements are relatively expensive and may not be available or suitable in all cases, particularly in countries where smartphones or EMV chip cards are not widely available. »
For everyone to have access, the deployment of the digital euro should not depend on the availability of secure hardware in devices, as this method would exclude almost half of the euro area 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 crisis recovery mechanism in the event of hardware or software failure. This two-tiered approach to security promotes greater access and resilience.
Fluency has announced a new phase in the development of its revolutionary central bank digital currency (CBNC) software system, Aureum ™ . It resulted in the completion of a highly secure end-to-end MNBC offline software solution that can be used with or without Secure Element and then deployed to current devices without the need to manufacture new mobile devices or new SIM cards.
Since Fluency’s solution is compatible with Bluetooth, NFC, QR codes and cards, it can be used with both new and old devices, making it much more accessible and cost-effective.
Beyond the security element present in new mobile devices, Fluency’s innovative offline solution provides increased security in mobile payments that significantly improves the system as a whole. It does this by using a multi-layered security protocol and resolution mechanism that goes beyond existing security methods in mobile payments. It protects the compromised transaction even in the event that an attack compromises the security element. In addition, it acts as a formidable barrier, preventing double spending.
Inga Mullins, Managing Director of Fluency, said : “Fluency strongly supports the implementation of a digital euro, which is why our offline software solution has been specifically designed to enable citizens to adopt it as widely as possible. and access it as easily as possible. Additionally, users do not need to make further investments or replace their current devices. »
“Fluency believes that the most viable path to digital euro adoption is to enable 24/7 access to safe and secure offline payments through sustainable and scalable software, as it provides quality access that is not encumbered by potentially expensive new hardware. A software solution like Fluency’s Aureum overcomes the shortcomings and limitations of a hardware-only solution, which may be limited to a single device or chip. On the contrary, it ensures accessibility to all in complete safety.
SOURCE: PRNewswire