Oxford Professor Creates Super-Secure Mobile Payments Technology
Oxford University professor Bill Roscoe and his team have developed OxCept, mobile payments technology that enables easy, low cost, and secure ad-hoc communication networks so that allow multiple devices to safely communicate in a new, spontaneous manner. “What we have been working on…is contextual authentication: ways of identifying someone by the context they are in when you don’t have their mobile number, name, or anything like that,” Roscoe says. He says the technology is sufficiently secure to be suitable for the U.S. Navy, which made a $1 million contribution to the project, while the U.K. Ministry of Defense contributed £100,000. The software was spun off by Oxford’s Isis Innovation, which formed OxCept so that it could be converted for use in transactions. OxCept will establish a foothold in both London and Silicon Valley, and will attempt to capture a slice of the mobile payments market, which is projected by KPMG to be worth more than $1 trillion by the end of 2015.
From “Mobile Payments Technology Created by Oxford Prof”
Mobile Commerce Press (12/30/13) Campbell, Julie