Cryptocurrencies

Open-Sourced Biometric Data System Launched for Enhanced Security

Continuing from the recent updates covered by CNF on Worldcoin’s implementation of personal custody and discontinuation of personal data storage for millions, the latest CoinMarketCap report underscores the growing dependence of organizations on biometric data for security and financial services in light of increasing data breaches.

On May 15, the Worldcoin Foundation revealed the open-sourcing of its Secure Multi-Party Computation (SMPC) system. This cutting-edge system encrypts iris codes into secret shares distributed among multiple parties, allowing for the permanent deletion of previously used iris codes for identity verification.

Leading the Way in Biometric Security through Open Source Technology
Remco Bloemen, the head of protocol at Worldcoin Foundation, highlighted to Cointelegraph the significant security enhancements brought about by the open-sourcing of the SMPC system. This move not only enhances the strength of Worldcoin’s protocol but also sets a new industry standard. Designed to withstand potential threats from quantum computing, the SMPC system ensures advanced protection for user biometric data.

Global Expansion and Firm Commitment to Compliance
The global biometric system market, as projected by Fortune Business Insights, is set for substantial growth from $30.77 billion in 2022 to $76.70 billion by 2029. This growth aligns with a reported 20% increase in data breaches from 2022 to 2023, emphasizing the critical importance of secure systems like Worldcoin’s SMPC.

Jannick Preiwisch, the data protection officer at the Worldcoin Foundation, affirmed the organization’s dedication to meeting rigorous international data protection standards such as the EU General Data Protection Regulation. Recent initiatives by the foundation, including granting users personal custody of their data and the ability to revoke their World IDs, demonstrate a commitment to enhancing privacy and user control.

Despite previous challenges in GDPR compliance, particularly in Europe, Worldcoin has displayed a steadfast commitment to regulatory adherence. By March 2024, the foundation had open-sourced the software of its iris-scanning Orb and introduced a new privacy feature called “personal custody.” Subsequent improvements in April further secured user data and provided enhanced control to users over their World IDs.

As of early this year, Worldcoin had achieved a significant milestone with over one million daily active users for its wallet app and a noteworthy 141% increase in its token WLD. Currently, according to Coin Market Cap, Worldcoin (WLD) has experienced a 4.81% increase in price over the past day, reaching $4.91.

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