Iris biometrics specialist IriTech and fellow South Korean firm Institute of Blockchain Technology (IBCT), which specializes in decentralized data platforms for blockchain, have established a joint venture to create a self-sovereign storage solution called the “most secured system in blockchain/metaverse application.”
The use of iris biometrics would mean one wallet per person, and no biometrics or private keys are stored which the firms believe means GDPR compliance. The cameras can even be installed in AR and VR devices which use eye-tracking.
Both irises are used in the creation of an IriKey account, with private keys recovered to perform a transaction through a scan of either eye.
Biometric Access For Hardware Wallet
IriTech develops iris scanners and the IriKey hardware wallet integration. The IriKey solution promises to tackle the issue of key recovery and management in blockchain and metaverse settings.
IriKey uses iris recognition to side step the issues with other hardware wallets that use secret seed backup and PIN logins. In this case, an ‘Iris Lockcode’ is generate and combined with the seed. The seed can only be retrieved with IriTech’s proprietary iris liveness detection.
The IriKey can be externally connected to a mobile device or hardware wallet, or installed as an app on a device.
DIDH Storage In Web 3.0
IBCT has developed a Decentralized Data Platform based on the Decentralized Identity Data Hub (DIDH) approach. This is a self-sovereign identity (SSI) open ecosystem where the data owner can directly control their stored data or any kind, from sensitive health records to NFTs.
DIDH is a Web 3.0 technology formed via the integration of data encryption and sharing based on Blockchain, the IPFS distributed storage system, and the distributed storage of private keys.
The DIDH approach means a person’s data is not stored on a third-party server, protecting it from any vulnerabilities there. There is no risk of loss of a private key when an iris is required with Iris Lockcode.
The biometrics are not sent to or stored by a third party, the tech does not store private keys so the system satisfies GDPR conditions for managing personal information.
By using iris recognition, IriTech’s CEO, Daehoon Kim says that a person can only have one wallet account: “Combining ‘1 Person-1 Wallet (Account)’ and Blockchain DIDH has huge applications in Blockchain/Metaverse such as finance, digital assets (including NFT and CBDC), and important data exchange, where identification and security with data integrity are essential.”
Where anonymity otherwise allows a person to have multiple wallets, the new approach restricts a user to just one, which has benefits for eKYC and AML.
Beyond unlocking a hardware wallet, the iris-based technology is suited to use cases where the eye is already present such as augemented, virtual and mixed reality settings.
Headsets, expected to become increasingly popular, will rely on eye tracking which relies on cameras. IriTech says that their Iris Recognition System could be installed on the same cameras used for eye tracking.
The firm’s liveness detection and fact that its systems work in sunlight are also expected to help uptake of the technology.
Source : biometricupdate.com