Enabling information to be transferred simply and securely so that mobile phone users can safely pay each other and merchants is the mission of the latest spin-out company from the University of Oxford, Oxcept.
Isis Innovation, Oxford’s technology commercialisation company, announced that Oxcept is gearing up to provide a peer-to-peer payment app to mobile users. Underlying the new app is the invention at Oxford’s Department of Computer Science of a family of security protocols which allow users to create a new secure network, or to secure an initially insecure network.
The technology is purely software based, and does away with the need for any cords and network connections. There is no swiping, scanning or card reading. No pass codes, account information or credit card details are disclosed. Once both parties have downloaded the app the payer authenticates the payee and authorises a payment.
Security protocols are the rules that govern the use of algorithms to ensure that data is securely transmitted between two or more parties, some of which require human involvement, some of which don’t. The business idea went forward with $1 million from the US Navy and £100,000 from UK Ministry of Defence helping to turn daydreams into a real-life family of human interactive security protocols (HISP).
UTEST PROVIDES CROWDSOURCING SERVICES
According to a report by the University of Cambridge, programmers spend nearly half their time correcting code and fixing bugs. The report estimates software bugs cost nearly $312 billion a year.
How can surgeons avoid having to remove bone from a patient’s leg to replace bone loss caused by conditions such as cancer? Induce Biologics Inc. works to provide a solution to this medical challenge. The company’s founders, Dr. Sean Peel and Dr. Cameron Clokie are working with the RIC Centre to bring their innovative bone regenerative products, URIST™ and URIST™ Plus, to the market. According to Dr. Peel, many current products used by surgeons to regenerate bone have the consistency of “wet toilet paper,” making them incredibly difficult to handle and place in the patient. What makes Induce Biologics unique is that their products have the consistency of putty.
Crowdmark, a MaRS Innovation and University of Toronto start-up incubated through the UTEST program, has reached a deal with Ricoh Canada Inc.
Announced January 20, 2014, the deal outlines national printing and scanning service for Crowdmark customers, with U.S. discussions coming up in the future, to improve the start-up’s online marking process for teachers.
Here’s an excerpt from the release (emphasis ours):
Toronto, Ontario (January 20, 2014) – Crowdmark Inc., a software company that delivers an ultra-scalable collaborative assessment platform to educators worldwide, announced today that it has entered into an agreement with Ricoh Canada Inc., to support Crowdmark’s customers, and with plans to explore additional enhancements to the relationship that will deliver additional client benefits.