iTrue platform combines blockchain and biometrics to improve user authentication
Blockchain-as-a-Service (BaaS) provider iTrue Limited has developed a development platform with a built-in system for authentication with facial recognition as its core microservice. The company hopes to innovate the way business build decentralized applications, and enable them to build blockchain networks for data sharing with robust data privacy to comply with GDPR.
“There is a growing demand for safe, efficient, and secure authentication systems, driven by the rise of startup companies providing innovative digital services such as online financial products,” says Jack Cheng, iTrue Chief Executive Officer. “However, users are concerned about how businesses use and profit from their data.”
iTrue provides complete control over confidential personal data, notifications of where users’ data is used, integration of privacy controls into enterprise applications, and compliance with GDPR and other regulations, according to the announcement.
The company’s BaaS platform is backed by the iTrue Token Economy, and its ITU tokens can be used as rewards for participant’s information.
One of iTrue’s early pilot implementations is in partnership with Trade Center Europa, which operates shopping malls in Russia. iTrue’s biometric authentication will be used for payments in Europa’s commercial network, and its facial recognition technology will be used to locate lost individuals.
“Integration of our face recognition system and our innovative Stone Storage technologies into Trade Center Europa’s surveillance system will result in faster authentication of users to provide access to controlled areas in the facilities,” says iTrue Chief Technology Officer Anton Gorozhankin. “It will also help quickly identify any suspicious person-of-interest.”
Hitachi and KDDI recently announced they are testing a payment system leveraging both blockchain and biometrics, and startup BABB raised $20 million in an ICO to support its banking platform based on blockchain and biometrics earlier this year.