Hitachi’s research division and blockchain developer Concordium Foundation are jointly implementing a biometric cryptocurrency wallet project.
🤝 @ConcordiumNet x @Hitachi : Progress is booming on the biometric crypto wallet!
🔐 Imagine restoring your wallet with just a fingerprint or facial scan.
Read more about it: https://t.co/LNcO4ahjqP #CryptoWallet #Biometrics #BlockchainTech #HitachiXConcordium $CCD…— Concordium (@ConcordiumNet) December 14, 2023
It is assumed that the solution will allow generating seed phrases using a fingerprint or iris scan. This will eliminate the need for users to store or remember a set of words.
It will also be possible to import or restore accounts on new devices using biometrics.
In the first stage, the partners will conduct a “proof of technology” to confirm the viability of the idea.
If it moves to a wallet implementation, the tool will use Hitachi’s existing Public Biometric Infrastructure platform and identity system on the Concordium network.
Public Biometric Infrastructure operating diagram. Source: Hitachi.
Representatives of the Swiss company, in a commentary for Cointelegraph, noted that a biometric wallet could be especially useful for their blockchain. When connecting, Concordium requires the user to go through a verification process when creating an account. On the one hand, this prevents malicious activity such as hacking and scams, on the other hand, it makes it extremely important to protect the user’s access to his identifier.
However, “in principle,” biometric wallets can be used in any blockchain in the future, the technical consultant of the Concordium Foundation emphasized.
In 2021, the Zug-based firm raised $15 million through a private token sale.
In December, Jack Dorsey’s Block opened pre-orders for the Bitkey hardware Bitcoin wallet, the mechanism of which also allows you to not remember passwords or seed phrases.
Source: Cryptocurrency
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