Loop Insights Appointed Steward of Sovrin Foundation, Offering World's First Blockchain-backed Digital Wallet Pass Identity Platform
VANCOUVER, British Columbia, April 05, 2021 (GLOBE NEWSWIRE) -- Loop Insights Inc. (MTRX:TSXV; RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights and enhanced customer engagement to the brick and mortar space, is pleased to announce the Company has joined the Sovrin Foundation, an open-source, open-standards technology platform for digital identity. Built on a public blockchain, the Sovrin Ledger protects personal information while giving control of personal data back to the individuals. Loop joins over 70 leading tech organizations around the world including Cisco, T-Mobile and NEC that have committed computing power and resources to strengthen the Sovrin Network.
INTEGRATION WITH SOVRIN FOUNDATION WILL ENHANCE LOOP’S WALLET PASS THROUGH IMPROVED SECURITY, PRIVACY, AND INTEROPERABILITY WITH MAJOR TECH LEADERS
Loop Insights currently issues credentials through the native mobile wallet that is embedded in Apple iOS and Google Android smartphones, which has been leveraged by Passcreator to offer a secure and easy-to-use platform. However, this data can be difficult for third parties to verify.
On January 12, 2021 Loop Insights finalized its acquisition of Passcreator to provide Loop with complete control over Passcreator and its wallet pass platform. By joining the Sovrin Foundation, the credentials that Loop Insights issues can be fully verified by any third party, allowing organizations to check them against Sovrin’s independent public blockchain. This integration is expected to greatly enhance the existing security and privacy of personal information that is encrypted and secured on Loop’s wallet pass platform, originally created by Passcreator.
By validating our issuance and data on the public Sovrin Ledger, Loop will greatly expand the interoperability of its mobile wallet passes, which can now be validated by any organization or individual. The security of the Sovrin Ledger will also enable users to share individual pieces of information with third parties without revealing their entire personal identity.
As Loop Insights is a data company that is fully committed to improving the security and integrity of personal information, it has become clear that public blockchain technologies will be critical to the security and privacy of personal information moving forward. Loop Insights is excited to be driving this shift together with Sovrin and the many organizations dedicated to enhancing the security, functionality, and customer experience of mobile wallet passes.
Loop Insights’ goal is to architect and launch a platform that provides seamless interoperable data connectivity for physical venue and retail operators. With the addition of supportive blockchain verification, the Company is now able to issue verified digital wallet credentials through the native wallet in each and every smartphone.
As countries look to reopen the economy and to provide transformative future-proofed solutions, Loop Insights is working to provide a seamless, secure, and simple user experience through its Wallet pass platform. The Company has recognized the overwhelming number of third-party applications on the market today and therefore anticipates the native wallets found on Apple and Google smartphones will become dominant platforms.
Chris Raczkowski, Chair of the Sovrin Foundation Board of Trustees stated:
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement https://agoracom.com/ir/LoopInsights/forums/discussion
About the Sovrin Foundation
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This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Loop’s business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop’s technology; and the viability of Loop’s business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated, or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
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