Liquid Avatar Technologies Inc. (LQID:CSE; LQAVF:OTCQB) will leverage one of its technologies to codevelop a digital credentials verification system with a new partner, a collaboration that could
lead to significant growth for this technology firm.
Liquid Avatar, a Canada-based global blockchain, digital identity and fintech solutions company, and the Ontario Convenience Stores Association, a self-funded not-for-profit provincial association, agreed
to develop a program called Smart Age, according to a news release.
At the heart of Smart Age will be a customized system with which all Ontario, Canada-based convenient stores can digitally verify customers' identity and age (and when applicable, other credentials) when selling them age-restricted products.
The foundation of this system will be Liquid Avatar’s existing platform,
its Liquid Avatar Verifiable Credentials Ecosystem, a network that supports all parties involved in digital credentialing. With LVACE, for instance, none of the customer's personally identifiable information
gets exchanged with the vendor.
The customized technology resulting from Smart Age will likely be available in two forms: as a software as a service monthly subscription and as a pay-as-you-go verification model with minimum requirements. Along with digital credentials verification at the point of sale, Smart Age will encompass awareness campaigns and, where needed, integration into existing payment terminals.
Once Smart Age is developed, the OCSA intends to implement it in the more than 8,000 convenience stores throughout Ontario. From there, and representing growth opportunities for Liquid Avatar, the market for the product and perhaps the whole program could be extended to other regions in Canada and beyond. Also, it could be expanded to include other industries, including hospitality, restaurant/bar and events.
Current products for sale in Canada that require age verification are sports bets, lottery tickets, and alcohol-based beverages. It is expected that additional categories will emerge over time, providing Liquid Avatar more room for growth.
Smart Age will be another program the Vancouver company can add to its current roster. Its other programs support its Liquid Avatar Mobile app platform and generate revenue. One program is KABN KASH, a cash back and rewards program offered by about 600 online merchants. Another is the KABN Visa Card, allowing users to manage and control various financial services related to traditional and digital currencies. Liquid Avatar is working to get this program into other geographic regions, including the States.
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