Biometric blockchain ring launched as more web3 companies dive into digital IDs

The world of Web3 is seeing more interest in digital identity as a solution to AI-driven fraud and as a driver of the real-world asset (RWA) tokenization trend.

An interesting solution comes from blockchain platform IOST (AKA Internet of Services Token), which has recently completed a rollout of 1,000 biometric-based devices in the form of a ring.

The Signet Ring is designed to tie a user’s physical presence to an on-chain decentralized identity through biometric verification. The wearable device captures biometric signatures such as heartbeat patterns used for heart rate variability (HRV) analysis.

The ring does a little bit of everything, according to the firm. It can be used to perform secure payments and serves as an identity vault. It doubles as a Know Your Customer (KYC) alternative, health data collection and proof-of-personhood (PoP). It will also allow users to access IOST’s ecosystem, earn rewards and manage NFT credentials.

The company says that it registered 12,000 sign-ups for the device.

“Users include DeFi power users with $10K+ portfolios, airdrop hunters tracking incentive programs, and Web3 fund managers seeking strategic allocation tools,” IOST says in a release.

IOST is calling the system Proof of Heartbeat. To expand biometric integration, the company has partnered with StressWatch, an Apple Watch app that tracks stress levels by analyzing HRV and resting heart rate (RHR).

InterLink Labs receives Google funding

Decentralized identity infrastructure developer InterLink Labs has announced it has received a strategic investment from Google for Startups.

The company uses facial biometrics to provide a unique ID that enables anonymous proof of personhood (PoH). The ID is used to link real-world and tokenized assets. The company has announced it has reached over 1 million registered scans through its decentralized identity network within just three months after the launch of its app.

“With Google’s investment and our rapid user adoption, Interlink Labs is well-positioned to be the global utility layer for digital-physical verification,” says Vince Caruso, Intelink Labs’ chief marketing officer.

Mercuryo introduces passkeys

European crypto wallet service Mercuryo has integrated passkeys for fiat-to-crypto payment authentication.

The authentication service will introduce more security for users who can log in through their biometrics instead of relying on one-time passcodes (OTP), the company says in a release. Users can authenticate with a fingerprint or face scan.

The passkey will be rolled out across Mercuryo’s 200-plus partner network, which includes non-custodial wallets, the company adds.

Eicol launches digital ID system

Cryptocurrency exchange platform Eicol Exchange has launched its own digital ID system to enhance trust and interoperability through authentication.

The digital ID is issued after KYC verification. The system is built on decentralized identity (DID) standards and on-chain signature verification. The self-sovereign credentials can be used across DeFi, DAOs, NFT marketplaces, and other Web3 ecosystems for features such as transaction signing, cross-platform authentication, reward participation, and governance engagement.

By eliminating centralized data silos, the platform aims to minimize risks while aligning with global data protection frameworks, the company says in a release.

Article Topics

biometrics  |  blockchain  |  decentralized ID  |  digital ID  |  Eicol  |  InterLink Labs  |  IOST  |  Mercuryo  |  passkeys  |  proof of personhood  |  wearables  |  web3