Why Biometric Verification is Important in Blockchain Technology
Biometric verification is one of the hottest things on the blockchain horizon. Every person on Earth has specific features that are unique to an individual. Some of these features include fingerprints, the iris, ears, and even odor! Your body has markers that indicate you are you. In the United States, hospitals record births with finger and toe prints stamped directly to the birth certificate. Of course, this is now considered old-fashioned way to track the identity of people.
Financial institutions already implement biometric verification technology. A handful of them already require individuals to verify their identity specifically with retina scans or iris scans. This helps ensure that the person who is supposed to be accessing the account is actually accessing the account. Since biometrics are clearly something that is personally identifying information, it’s important to keep it close to the heart and not share that information.
Blockchain Allows for Biometric Verification
So, where does that leave us? Biometrics are recorded onto the ledger. What that means is that his specific body metrics are securely stored on a blockchain, specifically within a decentralized server. Because the previously mentioned banks don’t currently operate on a P2P network, the information is vulnerable to hacks. Centralized servers require data to pass through a single point, and thus are not as secure.
BitCAD is releasing just that: a biometric verification system on blockchain. They’ve identified a massive gap in the market, and realized there are other ways people can benefit from a verification system for biological markers. Most importantly, it allows the implementation of the technology to verify a wallet owner’s identity. Because there are still ways to get into someone’s wallet without his permission, unfortunately, verifying certain biometrics is pertinent to the protection of the wallet.