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DigitalX recently attended the Money20/20 conference in Las Vegas, Nevada, and, true to it’s billing as the largest payments and financial innovation event in the world, Money20/20 did not disappoint! The conference provided an abundance of networking opportunities, which will result in the growth of new partnerships and business for DigitalX. The conference also provided a pulse on the fintech industry and some key themes stood out:

  • Mobile remittance is the fastest growing segment for MTOs (Money Transfer Operators)

  • Some companies estimate that in 5 years time, all payments (ie. money transfers) will be digital

  • Trust, speed, and convenience are all valued higher than price by consumers (with the exception of the market in India, where low cost is held at a higher value)

  • The world’s major Telcos are pursuing mobile wallet strategies, even in first world economies such as the US market

  • Banks have a lack of interest in Bitcoin, but are very much interested in Blockchain technology

In mid-november, IMTC World (International Money Transfer Conference) was held in Miami, Florida. A much smaller but heavily focused remittance conference, IMTC is the premier conference for companies involved in the Latin America remittance market. DigitalX attended the conference in order to meet with valued partners, a few of which we will be announcing contracts with in the coming weeks. Not surprisingly, some of the same themes as those at Money20/20 emerged, with a stronger focus on migrants and Latin America. Among the key themes:

  • While most MTO’s attending IMTC still have a large percentage of business in cash-to-cash remittances, all are developing a mobile strategy

  • Consumers are looking for better alternatives to the poor experience of the typical cash send (on the US side)

  • It is believed that the Trump administration will accelerate the move to digital

  • Regulation continues to be a challenge and will become more stringent

  • Blockchain is a growing interest item for MTOs at IMTC

On Monday November 14, DigitalX advisor Angel Lorente invited the company to speak at the NYC MIT Fintech Meetup, sponsored by Castor Ventures. The meetup focused on the application of blockchain and smart contracts and provided an opportunity for DigitalX to discuss the AirPocket platform and its application to “Regtech”, or using blockchain to drive innovation, collaboration, and reduce costs for compliance and reporting.

To cap off a busy November, DigitalX is proud to announce the filing of its second Global Provisional Patent application: “Systems and Methods for Publicly Verifiable Authorization”. The patent describes a method for creating and storing a Digital Identity on a blockchain-like database and providing the ID owner a way to grant permissioned access to historical data from a point in time. The method is based on blockchain technology, meaning that the solution benefits from the full suite of security features inherent in blockchains, including cryptographic signatures, immutability, and decentralization. The patent has broad applications in fintech, including payments, smart contracts, and regtech; as well as in the insurance and health fields.

Our first implementation of this technology will be in AirPocket, in the form of an “AirID”. An AirID is created for each user digitally on-boarded with AirPocket. The AirID records each transaction associated with that user, thereby creating an event history attached to an identification. Below is a graphical representation of the AirID:

A key aspect of the patent is that an AirPocket user can share their historical data from the blockchain, for example with a creditor, without giving the creditor access to future data. In other words, transaction details can be shared from a specific timeframe, while importantly, the user retains financial privacy in the future.

We are extremely excited for all of the potential uses of this patent and look forward to it’s commercialization!
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