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Anonybit releases update to Decentralized Data Vault product

Anonybit releases update to Decentralized Data Vault product

Anonybit, which provides biometric authentication based on a decentralized framework, has announced an upgrade to its Decentralized Data Vault product, according to a press release.

The updates aim to support an expanded range of use cases across the identity management lifecycle beyond biometric authentication. They improve usability by offering several choices for accessing and handling stored sensitive information. These include a biometric option that binds data to a specific user’s biometric, to limit retrieval to only one authorized person.

The update also introduces a feature for identity management use cases based on a minimization principle, which retrieves from the data vault and shares only the necessary information, as opposed to releasing a user’s full record.

The company’s system of decentralized biometric data storage and processing, for which a patent is pending, supports both structured and unstructured data sets and eliminates the need to store sensitive information in a centralized repository.

“An important consideration with encryption, especially in an age of quantum computing, is who has access to the data and who controls the private keys,” says Frances Zelazny, Anonybit CEO. “Practically what this means is that if the encryption key is compromised, the data is compromised. With Anonybit, the data is not stored in a holistic form, giving attackers nothing to find and nothing to steal even if they do manage to penetrate a network.”

The upgraded data vault allows enterprises to store any type of data, including raw images, passkeys, videos, document scans, tokens and videos. Zelazny says this strengthens the data governance posture of an enterprise and reduces the risk of a data breach.

Under the EU’s GDPR, nearly $4.6 billion in fines have been issued to hold firms accountable for data breaches. But Anonybit notes that data breaches continue to be a problem, suggesting weaknesses with standard encryption.

The upgraded Decentralized Data Vault is now available as a call through the Anonybit API library.

Anonybit is surfing a $3 million funding round from October 2023, which brought its total funding to date to $8 million.

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