Fummi is a Smart ID built on blockchain. Fummi enables authorized payments and access to benefits.
Fummi, Blockchain for Change’s first product, is a mobile application designed to provide low-cost financial services through cooperative purchasing partnerships for low-income and underserved individuals. These interactions use what we call a SmartID: a proprietary protocol for enabling a certified authority to verify identity on the blockchain. This method of verification called the Change Pass verifies a user’s access to the Fummi marketplace and enables secure transactions and safe storage of money and information.
Change Coin The Change Coin is an ERC 20 token that is used as a currency within the Fummi ecosystem. The Change Coin functions as an access point and transaction mechanism between users, service providers, and the Fummi platform. Within that system, the Change Coin is set up to encourage value-creating activity via behavioral incentives. For example, when a user’s SmartID is stored on the platform/blockchain, the user receives a reward of 30 Change Coins for successfully onboarding onto the platform.
Fummi harnesses blockchain technology to redefine the usage of digital identity for financial services. These financial services provide low-cost specialized interactions for users opening the doors to the digital economy. Service providers have access to a cooperative network, which grants organizational transparency and auditability (which enables low-cost services). Due to the inherent fraud prevention and management of encrypted data on the permitted blockchain, service providers are incentivized to secure their users’ data with our SmartID. Originators of user data are rewarded in Change Coin when other service providers utilize the user IDs for services.
Users use their SmartID to interact and transact with providers. This identity permits users to store money safely, access new opportunities such as building a alternative credit score, and getting discounted services from service providers. The record of interactions itself drives the Fummi attestation strategy, validating the SmartID data and applicability. The embedded Fummi SmartWallet (Users’ secure and protected record of accountability and transaction history), further offers a mobile financial services tool, which operates much like a more flexible bank account.