Crunchfish patents anonymous and robust Trusted Applications
Crunchfish has yesterday submitted a Swedish patent for a method to establish and use an anonymous and robust Trusted Applications. The innovation applies to digital applications in general and specifically to payments and Central Bank Digital Currency (CBDC) implementations where privacy is a key feature. If the patent is granted the patent protection is valid for 20 years from the date of filing.
As cash is increasingly displaced, there is an ever-growing need for digital payment alternatives that preserve the properties of cash. Offline payments in CBDC implementations are now viewed as a key functionality, not just from a system resilience perspective but also for the ability to allow payers to continue to be private. The innovation makes Digital Cash more similar to cash by allowing the user to set up a completely anonymous wallet that is recognized as legit to use the payment service.
Crunchfish has applied for a Swedish patent with application number 2350365-9 for setting up and using an anonymous trusted application, executable in a secure execution environment on a host device. It is applicable in any type of digital service to request a service remotely or communicate locally, including CBDC implementations to ensure privacy. In case of payment applications this allows setting up a Digital Cash Trusted Application for offline as well as online transactions without any Know Your Customer (KYC) requirements.
“Privacy is important for many digital applications, not the least within payments. Leveraging Crunchfish’s patent-pending Trusted Application Protocol (TAP) that makes applications trusted, secure and robust this innovation allows users to onboard and use a digital service anonymously, which is a key feature for CBDC implementations to ensure privacy”, says Joachim Samuelsson, CEO of Crunchfish.
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 30 March 2023 at 00:01 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.
About Crunchfish – 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 and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.
