Promize - Blockchain and Self Sovereign Identity Empowered Mobile ATM Platform

Abstract

Banks provide interactive money withdrawal/payment facilities, such as ATM, debit and credit card systems. With these systems, customers could withdraw money and make payments without visiting a bank. However, traditional ATM, debit and credit card systems inherit several weaknesses such as limited ATM facilities in rural areas, the high initial cost of ATM deployment, potential security issues in ATM systems, high inter-bank transaction fees etc. Through this research, we propose a blockchain-based peer-to-peer money transfer system “Promize” to address these limitations. The Promize platform provides a blockchain-based, low cost, peer-to-peer money transfer system as an alternative for traditional ATM system and debit/credit card system. Promize provides a self-sovereign identity empowered mobile wallet for its end users. With this, users can withdraw money from registered banking authorities (e.g. shops, outlets etc.) or their friends without going to an ATM. Any user in the Promize platform can act as an ATM, which is introduced as a mobile ATM. The Promize platform provides blockchain-based low-cost inter-bank transaction processing, thereby reducing the high inter-bank transaction fee. The Promize platform guarantees data privacy, confidentiality, non-repudiation, integrity, authenticity and availability when conducting electronic transactions using the blockchain.