Hub Culture has announced the expansion of their HubID digital identity system. The company made the announcement at the Innovate Finance Global Summit that is taking place in London this week. Hub Culture is now activating new profile networks for merchants, businesses, virtual personas, etc. via HubCulture.com. The new profile types are said to allow members and Ven digital currency users to maintain digital identity and digital currency accounts among an expanded ecosystem of flexible segregated accounts – each with unique capabilities. The enhancement creates a grid for many new types of Ven related transactions.
Hub Culture is a global collaboration network founded in 2002. Hub Culture operates around three functions – Pavilions (places to collaborate), Knowledge Brokerage (consulting and deal services) and Ven, a global digital currency. Ven was the first private currency to move into the financial markets and is priced from a mix of commodities and currencies.
Hub Culture reports that members can now launch company and merchant profiles to enable Ven payments between the entity and others, without an email or phone number but linked to a beneficial owner. The updated system forms the backbone of a new business-to-business capability for trade finance and institutional trading using Ven. For example, a beneficial owner can obtain company verification and enable that company to send and receive Ven, build a network of stakeholders and more. Merchants, Brokers and Financial Services Providers now enjoy enhanced membership options and the ability to manage these accounts with multiple stakeholders or administrators.
Hub Culture says it is focusing on ‘object oriented networks’ in an IoT world, beginning with planes, boats, vehicles, electronic devices, and appliances. Each device type has unique verification attributes, and is represented in the network under the control of the owner.
Bots, artificial intelligence and virtual reality avatars may now be linked into the system, allowing users to build connections and profiles for virtual personas valuable to them. The system will debut this summer in Bermuda at the Hub Culture Innovation Campus and Beach Club, with visitors and members attending the 35th America’s Cup able to use their yacht, plane or surfboard as a wallet to pay for day passes, drinks, tickets, memberships and other onsite services at the Beach Club via the Hub Culture app.
The expanded HubID system is described as being built on a foundational set of new, open APIs Hub Culture developed with support from the Bill & Melinda Gates Foundation Global Grand Challenges, a program designed to foster innovation and solutions in the world of financial inclusion. The open APIs allow developers to deploy digital identity and digital currency services to wider audiences, and complement the Ven app, which offers digital currency payments in 13 local languages, including Urdu, Chinese, Arabic, Turkish and Swahili, among others.
The new profile types can be managed through HubID.me and HubCultur e.com, and are being rolled out for members with expanded functionality through the Ven and Hub Culture mobile apps available in IOS and Android online marketplaces.