When we think of biometrics, we think of spy thrillers, computer security, and controlling access to sensitive information. While some of this can be glamorized, biometrics is still a critical part of the future of digital security.
In theory, biometrics or Biometrics authentication (or realistic) is used in computer science as a form of identification and access control. It relies on unique data and characteristic sets, such as distinct physical traits in humans.
Given the close relation to security, it should be of no surprise that biometrics is now an important part of blockchain technology, or that startups are looking to merge the two.
To learn more, Jack Cheng, CEO of iTrue, provided some insight on why and how this marriage of technology occurred and how this could be the future of data security and privacy, especially as the world becomes more digital.
3 Key Takeaways of Blockchain and Biometrics
1. Blockchains are immutable, which means a reduced risk that biometric data will be forged or tampered with.
Unlike traditional industries, the Blockchain space is an inter-cooperate industry where startups and corporations will join together for discussions, explorations, and experiments. In the finance industry, privacy and security are two important issues for a long-run business. There are many discussions around transaction layers, but not that much with a focus on an operational perspective, how customer privacy data is being protected, used, and exchanged.
People like you and me have no idea where people get our data. On the other side, different companies have their own approach to privacy data management. Some of them do this poorly. For example, membership data stored in an excel sheet. To a consumer, it is a mystery who gets access to their data, and how their data is being protected. This is why blockchain is so important – it ensures security and immutability.
2. There is the decentralized nature of blockchain, which means no single or centralized entity controls the platform or storage of biometric data.
Current authentication systems are either too insecure or too inconvenient to use, thus perpetuating an environment of high risk. Multi-factor authentication (MFA), biometrics, and other similar methodologies can significantly reduce the risk of such breaches but are not being widely adopted. The problem is user experience — MFA complicates and slows down the process of logging in, thus discouraging its adoption among businesses and their users.
In addition, users are reluctant to trust centralized authentication systems. For one, there is a prevailing fear that their data will be misused or misappropriated. Centralized systems are also prone to failure themselves. There needs to be a solution that addresses privacy, security, and convenience. iTrue is a blockchain-based platform for authentication with biometrics. It is a decentralized, extensible, and scalable platform that offers businesses the ability to improve the security of their applications without making it difficult for users to get access authorization.
3. Blockchain tech offers the opportunity to tokenize one’s activities and involvement in the platform, which means users can earn controlled gains by sharing the data they have (not limited to biometrics) while still retaining control and privacy.
Incentivization is key to reward people who share data and give access to data. Nothing is free in this world and this is something we have been focused on when building iTrue. iTrue has teammates around the world who are experts in biometrics and blockchain. Our team of developers have been building IT infrastructure for commercial and service companies, developed payment solutions and fraud monitoring systems, all of which were compliant with PCI DSS. We understand the importance of good technology as well as user experience.
Actually, this is deeply rooted in my professional experience. In 2015, I joined as an early team member of a Hong Kong-based blockchain company as a leader of the product and marketing departments, to develop fintech solutions for the market. We started from a B2C cryptocurrency exchange and then developed a suite of blockchain-as-a-service solution for companies who wanted to harness the advantages of Blockchain. We also developed a bunch of token payment solutions such as bitcoin debit cards, token payment gateway etc.
We are including all of this in iTrue and creating a biometrics-centered ecosystem that is tokenized, safe, and secure. You can learn more by seeing how and why we are tacking this problem.Opinions expressed here by Contributors are their own.