Digitized Exchange Platform (hereinafter “DEX”) combines an E-Wallet payment solution with the roll-out of smart metering infrastructure to capture millions of households and their electricity payments – resulting in the built-in adoption needed for a sustainable E-Wallet ecosystem. The E-Wallets will use Energy Tokens (hereinafter “E-Token”) as currency, a utility token linked to local electricity prices. E-Token will be issued by the local utility company unless the issuance is delegated to the Company’s respective local operating entities, which will be a simple upgrade of currently employed token vending systems. E-Wallets will initially be used to pay utility bills, but applications will progressively be expanded to payment facilities, P2P transfer, and other applications.
Lastly E-Wallet ecosystems in the respective African countries will be interconnected, as well as connected to the rest of the world through DEX.
Blockchain and Digitized Token
NuriFlex Group has already deployed token-based prepayment systems for African utility companies which are actively in operation. The Company will leverage NuriFlex Group’s 20+ years of experience to enable a quick and smooth migration to a more secure and more efficient blockchain system. The Company will deploy blockchains on which E-Token will work seamlessly. E-Token will run on a private permissioned blockchain with its price pegged to stable electricity tariffs to better satisfy country-specific and utilities-specific needs.
Privacy and Security
The E-Wallet system uses the FIDO standard authentication method and saves the personal information of the clients as well as the PIN number on the terminal, so that the asset of the E-Wallet can be secure even. if the terminal is lost. The specifications and certifications from the FIDO Alliance enable an interoperable ecosystem of hardware-, mobile- and biometrics-based authenticators that can be used with many apps and websites. This FIDO enables NuriFlex to deploy strong authentication solutions that reduce reliance on passwords and protect against phishing, man-in-the-middle and replay attacks using stolen passwords. Due to its nature and unique architecture (i.e. private networks, distributed computing), NuriFlex’s Blockchain is also more secure than mobile money solutions and most Blockchain technologies.