Hardware identity for machine payments
A machine that pays needs an identity that can't be copied. A software key can be copied or moved; a key held in a chip is designed never to leave it. MFAM (Machine Financial Authority Module) by Modern Pay Engine is designed to put the machine's identity and signing key on the chip, and to add the authority to sign payments within rules the owner sets.
Identity and authority
MFAM is identity and authority.
Approaches compared
| Approach | Can it be copied | Who sets limits | Where money is held |
|---|---|---|---|
| Software keys and API credentials | Yes. A software key or API credential can be copied or moved. | The software that stores the credential, if it enforces limits. | The account the credential can spend from. |
| Card or account credentials issued to an agent | Yes. The credential can be copied or shared. | The issuer of the credential, or the agent using it. | The account the credential draws on. |
| Blockchain device identities | A key held in software can be copied. Recording an identity on a chain does not keep that key inside a chip. | The holder of the key, unless a separate rule set is enforced. | The wallet or account the key can spend from. |
| Secure-element hardware identity with owner rules (MFAM) | The key is designed to never leave the hardware. | Designed so the owner signs the rules. | Designed to be paid from the owner's own account. MPE never holds funds. |
Status
Patent pending, prototype working.
Questions
What is hardware identity for machine payments?
It means the machine's identity and signing key are designed to be held in a chip and never leave it, so the machine can prove who it is and its identity is designed not to be copied.
What is MFAM?
MFAM (Machine Financial Authority Module) by Modern Pay Engine is identity and authority for machines. It is designed to let a machine check and sign payments within rules its owner sets. Patent pending, prototype working.
Talk to us.
Tell us what the machine may pay, and within which limits.