IriTech has partnered with Gigzi, a UK-based cryptocurrency platform, to develop a new iris-based security solution for its users.
The biometrics technology provider said it has partnered with Gigzi to develop secure account access on the blockchain, through iris recognition technology. Gigzi enables users to store wealth in tokenised precious metals, that are redeemable on demand, in a decentralised financial system.
It is developing a blockchain-based cryptocurrency called Gigzi Black. It also offers digital currencies called Gigzi Metal that are tied to the real-world prices of precious metals.
The company has been working with IriTech since 2017, and the companies have now revealed that they’re developing an authentication device based on IriTech’s iris recognition technology called, Gigzi Iris.
By enabling users to protect their private key and instead utilise the unique configuration of their iris for authentication and account access, Gigzi Iris claims to set a new security benchmark for decentralised applications.
Gigzi Iris claims to deliver impenetrable blockchain security through multi-factor biometric authentication, fake iris detection, and iris scanning video cameras that operate in sunlight, darkness, and through spectacles.
The solution will feature a fake iris detection component, and will comprise iris scanning video cameras that operate in sunlight, darkness, and through spectacles.
“As a cryptocurrency user, I know that account security is paramount. For this reason, I chose to partner with the leading biometric security solution provider, IriTech. Gigzi is at the forefront of developing security protocols for decentralised applications and will be raising the security standard on the blockchain”, said Gigzi CEO, Mr El Asmar.
Founded in 2000, IriTech’s algorithm was top-ranked by the US government’s NIST IREX test, and used by the US immigration and the US Navy. It also achieved STQC certification in India on iris cameras for enrollment, authentication and mobile devices, becoming the only iris vendor to achieve all three certifications for the Indian government’s UIDAI project.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
