IriTech is teaming up with the Institute of Blockchain Technology (IBCT) to strengthen security for metaverse applications. To that end, the two organizations launched a joint venture earlier this month that will combine IBCT’s Self-Sovereign Security storage solution with IriTech’s Iris Lockcode technology.
The result is Decentralized Identity Data Hub (DIDH) that runs on the blockchain. In practice, the joint offering will replace legacy security solutions like PINs with more secure iris biometrics for those using hardware wallets. Those wallets often give the owner no recourse if they forget their PIN, whereas the IriTech offering will allow owners to retrieve their secret backup seed with an iris recognition scan. In doing so, it will give owners a way to recover their accounts without exposing them to the security risk associated with any knowledge-based authenticator.
The iris scan for the joint solution will be carried out with IriTech’s IriKey technology, which comes with liveness detection and is compatible with mobile devices. The goal, according to the two companies, is to give people more control over their personal information, in a manner that adheres to the principles of Self-Sovereign Identity (SSI). Data that is stored with the iris tech could theoretically be used for a variety of applications, ranging from healthcare and financial services to virtual and augmented reality. IriTech expects VR and AR to be especially popular use cases, since its tech can be deployed alongside the iris tracker in a headset.
The companies also stressed that their solution does not store any personal information in a centralized database. By the same token, the fact that a wallet is linked to someone’s biometrics prevents people from creating and abusing multiple wallets. The solution instead pushes the principle of One Person, One Wallet, which makes it better suited to a world with stronger data privacy and Anti-Money Laundering regulations. On that front, IriTech noted that Iris Lockcode does not store any actual iris information.
The move is in keeping with IriTech’s longstanding interest in blockchain technology. The company has also provided iris recognition technology for national identity programs.
-July 27, 2022 – by Eric Weiss