IriTech targets online transaction security with iris biometrics-based encryption
IriTech has announced the development of secure ID management for blockchain applications based on biometric iris recognition.
The company notes that banks, online casinos, and cryptocurrency exchanges all use similar levels of encryption, 128 or 256 bits, to protect personal and financial data. Sites and stored private keys, however, have been shown vulnerable to hacking, and phishing or email scans have resulted in theft from online users. The online gaming market alone is valuated at almost $80 billion, IriTech says.
The new iris-locked code technology from IriTech, along with its IriKey hardware wallet, make it practically impossible for hackers to access user funds, due to the combination of live iris checking with the private key.
The IriKey provides a built-in near-infrared iris camera and on-board software to ‘mix’ or ‘lock’ the wallet’s seed with the owner’s biometric data. Once the locked iris seed is generated, the original (‘unlocked’) seed and the raw biometric data are forensically deleted, according to the announcement.
The company is forming partnerships related to general ID management with government entities, and says its technology can be used with smart contracts to secure international money transfers. The technology can also be used for access control, healthcare, social connections, and other areas of security concern. IriTech is currently working with the governments of India and the Philippines.
IriTech VP of Business Development Tommy Phan told Biometric Update earlier this year that even some biometric technologies that are advertised as iris recognition do not provide the degree of security necessary for securing transactions.