BC-Based Firm Seeks Patent for Biometric Bitcoin Security Solution

British Columbia-based Hill Top Security is pursuing a patent for a biometric security system for cryptocurrencies, and Big Wind Capital is pursuing a major stake in Hill Top, the firms have announced.

Hill Top’s solution is called UxToken, and it’s designed to offer “[b]iometric-enabled, GPS trackable crypto-currency private key safe storage,” according to a statement from the company. The aim is to offer parties engaged in transactions based on bitcoin and other cryptocurrencies “a reasonable assurance of participant identity,” particularly with respect to regulatory compliance.

Elaborating on the need for this solution, Hill Top CEO Corby Marshall explained that while cryptocurrencies offer vast potential, it’s constrained by cybercrime and password loss. Marshall asserted that “as many as 3.79 million Bitcoins are estimated as lost forever – that’s nearly 23% of all Bitcoins in circulation, which is close to $30 Billion at current market value.”

It’s a solution that has evidently proven appealing to Big Wind Capital. The Kelowna-based firm has so far focused on mining and producing base metals, according to a Bloomberg profile; but it’s evidently seeking to pivot into the digital mining of cryptocurrencies, having signed a letter of intent to acquire “various interests” and assets in Hill Top. If money is going digital, why shouldn’t mining?

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December 7, 2017