Meeco gives people and organizations the tools to access, control, and create mutual value from personal data.

175+ ZB

Of data processing by 2025

€830B+

Europe's data market by 2025

78%

Don't trust companies with their data

“Since 2012, Meeco has been pioneering the collection, protection, and value exchange of personal data and identity. We’re inspired by the range of use-cases Hedera supports, enabling Meeco to extend our solutions.”

Katryna Dow

Founder & CEO, Meeco

Industry

Financial Services

Use Case

Decentralized Identity & Payments

Overview

Meeco gives people and organizations the tools to access, control, and create mutual value from personal data, privately, securely, and always with explicit consent.

Challenge

The over-collection of personal data has led to a steady decline in trust in governments and corporations. Meeco required a public distributed ledger infrastructure to place personal data back into the hands of individuals, through a unified wallet offering. The underlying infrastructure had to offer unmatched publicly verifiable trust, performance, and stability, with low, predictable fees.

Solution

Meeco chose Hedera Hashgraph as their underlying public distributed ledger on which to build a unified wallet offering and SDK. Meeco’s multi-purpose wallet and SDK enables startup and enterprise organizations the ability to directly incorporate the following applications with ease: decentralized identity, verifiable credentials based on W3C standards, micropayments, and tokens.

There’s a fundamental shift occurring from centralized and federated models to decentralized ecosystems seeking to put people in control of their identity and data. Meeco’s approach is to marry these two models by providing a legal, commercial and technological bridge between existing highly regulated, trusted economic actors (for example, government, financial services, and telecommunications) and the emerging personal data ecosystem that allows people to participate directly in the value chain via an “API-of-Me”.

Meeco is utilizing Hedera Hashgraph as their underlying public distributed ledger on which to build a unified wallet offering and SDK. The multi-purpose wallet and SDK enables startups and enterprises to incorporate decentralized identity and verifiable credentials based on W3C standards, micropayments, and tokens directly into their applications with ease.

Choosing the right public distributed ledger for multiple use case requirements

Their challenge was finding a public distributed ledger with unmatched performance, security, stability, and low, predictable fees to power their offering. A combination of these benefits was especially critical to ensure micropayments of stablecoins are economically feasible for business models which require them.


Additionally, there was the challenge of implementing universally recognized decentralized identity standards with ease, specifically ones emerging from W3C. Decentralized Identity is an architecture and standards for identity management that utilizes distributed ledger technology. This is core to their offering from both a functional and regulatory compliance for financial transactions perspective.


Ethereum was used as an early proof-of-technology solution to power Meeco’s offering. It performed from a functional perspective but failed to meet the performance, stability, and predictable, low cost-structure requirements to bring an enterprise-grade offering to market. These requirements became even more critical as Meeco began building its proof-of-technology micropayments solution for Hedera Governing Council member eftpos, based in Australia — eftpos powered over $2 billion in debit transactions last year alone. They introduced Meeco to Hedera Hashgraph to overcome many of the technical hurdles they experienced.

An evolution, not a revolution: Meeco creates trust via its multi-purpose wallet and API

Meeco’s vision and approach is to marry today’s world of data, finance, and privacy and the world of tomorrow — decentralized systems that actually live alongside existing enterprise architecture and environments around digital identity and trust.


They’ve been working in conjunction with Hedera to launch a multi-purpose wallet that will enable decentralized identity, verifiable credentials, micropayments, and tokens. The wallet will be available as a white label solution, with SDK and supported by Meeco’s Secure Value Exchange credential solution.


We're on track towards a world where everything can be tokenized. Tokenization plays a critical part in enabling more equitable value creation for people, organizations, and things. Providing the means to issue and store value, trace provenance, and most importantly achieve consensus to instantly trust,” said Katryna Dow, CEO & Founder at Meeco “Since 2012, Meeco has been pioneering the collection, protection, and value exchange of personal data and identity. We’re inspired by the range of use-cases Hedera supports, enabling Meeco to extend our solutions.”


Meeco’s multipurpose wallet can be downloaded via the Apple store and Google store

Economically feasible stablecoin micropayments on Meeco

In order to enable scalable micropayments in a decentralized wallet and API, the underlying public distributed ledger must offer high-throughput, low fees (<1¢), and the ability to meet those requirements using custom tokens, such as stablecoins. Meeco has chosen to use the Hedera Token Service (HTS) to enable the minting and transacting of custom tokens for applications using their offering. HTS ensures the same efficiencies as Hedera’s native cryptocurrency, HBAR, with a throughput of up to 10,000 transactions per second and transfer costs set a low, predictable fee of $0.001 no matter the quantity of tokens transferred between accounts.


When we were running the eftpos micropayments PoC with Hedera Hashgraph, we needed a wallet partner. We had had great experience of working with Meeco on our ConnectID PoC and needed aspects of digital identity for the micropayments PoC too, so they were a natural fit.” said Rob Allen, Co-Founder of ConnectID at eftpos Australia “This enabled us to combine the provisioning of an eftpos debit card, identity credentials and a stable coin in one wallet. The PoC was very successful and resulted in a technical platform that demonstrates micropayment capability in a way that no other payments provider has. Our next phase is to look at ways to commercialize this capability.”

Implementation of W3C decentralized identity standards with the Java DID SDK

Universally recognized identity standards are critical to the future of decentralized financial services. They enable the ability to meet future regulatory compliance requirements and bring an additional layer of functionalities to decentralized applications. Such functionalities might include age verification or ID expiration.


In building an offering that caters to enterprise customers, Meeco knew it needed an efficient route to integrate these standards into their wallet and API. Hedera joined the W3C in 2020 to ensure that ID applications built on Hedera will be compliant with those emerging standards and where appropriate, contribute Hedera specifications into those standardization efforts.


To implement decentralized identifiers, Hedera has built and actively manages the open-source Java DID SDK, which utilizes the Hedera Consensus Service, to enable a standardized approach and integration and a long-term path to abiding by universally accepted standards.

Excellence in Distributed Ledger Technology

Meeco’s collaboration with eftpos and Hedera has led them to be announced as a finalist in the FinTech Australia Finnies 2021 (September 2021) in the Excellence in Blockchain/Distributed Ledger category, for the development of their decentralized identity wallet. Meeco played an important part in this world-leading initiative as the wallet provider for the proof-of-technology.


Download the wallet via the Apple store and Google store and immediately create an identity credential.

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Hedera is not affiliated with, and does not sponsor or endorse this project.

Industry

Financial Services

Use Case

Decentralized Identity & Payments

Overview

Meeco gives people and organizations the tools to access, control, and create mutual value from personal data, privately, securely, and always with explicit consent.

Challenge

The over-collection of personal data has led to a steady decline in trust in governments and corporations. Meeco required a public distributed ledger infrastructure to place personal data back into the hands of individuals, through a unified wallet offering. The underlying infrastructure had to offer unmatched publicly verifiable trust, performance, and stability, with low, predictable fees.

Solution

Meeco chose Hedera Hashgraph as their underlying public distributed ledger on which to build a unified wallet offering and SDK. Meeco’s multi-purpose wallet and SDK enables startup and enterprise organizations the ability to directly incorporate the following applications with ease: decentralized identity, verifiable credentials based on W3C standards, micropayments, and tokens.

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