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Crunchfish released today an upgraded version of the Digital Cash SDK which enables privacy by design for offline payments in CBDC and commercial payment systems. In parallel, Crunchfish has applied for a patent for its innovative privacy feature, balancing privacy with regulatory requirements for transactional traceability. Privacy is deemed a key feature in CBDC systems to be adopted by the public.
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Privacy is a key feature for CBDC systems to be adopted by the public. Several ongoing CBDC initiatives across the world place privacy very high on the agenda, e.g. the Digital Euro project (https://www.euronews.com/business/2023/06/28/brussels-unveils-plans-for-a-digital-euro-promising-complete-privacy) and the Brazilian CBDC pilot Drex (https://www.bcb.gov.br/en/pressdetail/2466/nota). Crunchfish's innovative privacy by design feature enables payers to make completely private payments for amounts below defined thresholds. A consumer who pays a merchant below a defined threshold amount would not disclose any personal information, neither to the merchant nor the intermediary or Central Bank. With Crunchfish Digital Cash the payer enjoys a similar level of privacy as paying with physical cash.
Highlights in the upgraded Digital Cash SDK version 2.5 include:- Privacy by design - Balancing privacy with regulatory transactional traceability requirements
- Secure time - Increasing security in the payment timestamp and preventing users from changing the device time to use expired or not yet valid certificates
- Improved certificate management
- Enhanced fraud detection capability and fraud management
- Increased security
- Improved integration support - enriched documentation and new backend components
"We have released many new features based on requirements from CBDC and other offline projects. Our development team has been working hard to meet the requirements from the market and the pilots we have been running. I'm really proud that we now can offer privacy by design as we know this is a key requirement in many CBDC projects." says Magnus Lageson, CPO at Crunchfish Digital Cash.
The upgraded Digital Cash version 2.5 will be made available for all customers through the Crunchfish Developer portal (https://developer.crunchfish.com/).
In parallel with making this upgrade Digital Cash version available, Crunchfish applied yesterday for a Swedish patent for balancing regulatory requirements for transactional traceability with true privacy through encryption of transactional information for amounts below defined thresholds, defined by the issuer and the regulator, using wallet keys. The patent if granted is valid for 20 years until April 2044.
As further background on privacy Lipis Advisors in collaboration with Crunchfish released in May 2023 this whitepaper on privacy considerations in offline payments systems (https://www.crunchfish.com/wp-content/uploads/2023/05/Lipis_WP3_Crunchfish_Enabling-offline-payments_FINAL.pdf).
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46708 46 47 88
joachim.samuelsson@crunchfish.com
This information was provided by the contact person above for publication on April 24th 2024 at 08:30 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se.Telephone +46 40 200250.
About Crunchfish -crunchfish.com (https://www.crunchfish.com/)
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with subsidiary in India.