IriTech is highlighting the utility of the IriKey wallet for people who need to secure and transfer high-value financial assets. In a new statement, the company specifically mentions online gambling, cryptocurrency, and overseas remittances, presenting the IriKey as a more secure alternative to conventional financial platforms.
The IriKey itself is a hardware wallet with a built-in NIR iris camera and iris recognition software. According to IriTech, the wallet will forensically delete its original seed and the owner’s iris data once that data has been used to create the “iris locked seed” that will secure the wallet moving forward. After that, the IriKey is essentially unhackable, and can only be unlocked with an iris recognition scan.
A backup seed can be stored in an email account or on a physical device like a laptop to facilitate account recovery if the IriKey is lost or stolen. However, the backup itself is useless to hackers because the original seed can only be accessed with the iris of the owner.
IriTech indicated that the technology can also be used for access control, and that it is currently exploring the potential for national ID programs in India and the Philippines. To that end, the company’s IriSafe subsidiary has partnered with GoChain to develop an enterprise identity management solution, while IriTech has provided iris recognition tech for the Gigzi cryptocurrency platform and India’s Aadhaar ID program.
December 3, 2019 – by Eric Weiss