Hitachi and Concordium Developing Biometric Crypto Wallet
Hitachi Research & Development has partnered with blockchain developer Concordium Foundation to create a “proof of technology” for a biometric crypto wallet. The wallet will allow users to generate seed words using their fingerprints or facial scan, eliminating the need to store or remember these seed words. Instead, users can re-import the wallet’s accounts by undergoing a biometric scan. The wallet will utilize Hitachi’s Public Biometric Infrastructure (PBI) and Concordium network’s self-sovereign identity framework to create biometric-based accounts.
Benefits for the Concordium Network
The Concordium network requires users to go through an “ID process” before creating an account to prevent malicious activity. Therefore, preserving user access to their ID is crucial. However, the developers noted that biometric wallets could potentially be applied to any blockchain in the future, not just the Concordium network.
Enhanced Security and Convenience
Users of the biometric wallet can unlock their wallets by regenerating seed words through a biometric scan or decrypting a copy of their seed words using a key derived from the scan. This provides enhanced security as an attacker would need access to the user’s face or fingerprint to gain unauthorized entry. Additionally, users no longer need to store copies of seed words, making it more convenient.
The Challenges and Solution
Developing the Public Biometric Infrastructure (PBI) presented challenges due to the inherent fuzziness of biometric data. To address this, Hitachi utilized fuzzy key generation and special error correction technology to extract feature vectors from scans and train the software to distinguish between different individuals.
Improving Mass Adoption of Crypto
Traditional crypto wallets require users to store seed words as a backup, which can be a barrier to mass adoption. The biometric wallet proposed by Hitachi and Concordium offers a solution to this problem by eliminating the need for seed word storage. Other options such as MPC wallets and magic links are also being explored to address this issue.
Hot Take: Biometric Wallets Enhancing Security and User Experience
The collaboration between Hitachi and Concordium to develop a biometric crypto wallet demonstrates the potential of leveraging biometric technology in the blockchain industry. By incorporating fingerprint or facial scans, users can enjoy enhanced security without the hassle of remembering or storing seed words. This innovation not only benefits the Concordium network but also holds promise for broader adoption across various blockchains. As the industry continues to explore alternative authentication methods, biometric wallets offer a convenient and secure solution that could accelerate the mainstream acceptance of cryptocurrencies.
By
By
By
By
By