A new startup is looking to blockchain and biometrics to enable decentralized app development.
Called iTrue Limited, the Hong Kong-based firm is taking the Nuggets approach to user data. Like the Nuggets platform, iTrue incentivizes users to share their personal data by rewarding them for doing so with its ITU cryptocurrency tokens. But they can authenticate on the platform using facial recognition, allowing that sensitive personal data to be kept as private as they wish.
The system will allow participating businesses to ensure that their apps comply with privacy regulations such as the European Union’s GDPR law, iTrue says. And users will be notified about each request for their data and given the option of approving or denying it.
In a statement announcing the platform, iTrue CEO Jack Cheng said that his company’s “mission is to empower each individual to have control over their personal data, how it is used, and how to profit from it.” Of course, some users may rather see it as an attempt to monetize their personal information, though the ability to confirm one’s identity with only a biometric scan may overcome such concerns.
iTrue says it plans to proceed with a private token sale next week as it seeks to build momentum toward its platform’s official launch.
July 23, 2018 – by Alex Perala