Biometrics – The Next Best Thing in Cryptocurrency

Welcome to the 1st blog post in our series on Cryptocurrency. In this first post, David Orme, SVP Sales and Marketing at IDEX Biometrics explains the next best thing in Cryptocurrency.

The growth and spread of cryptocurrency in modern society has exploded over the past few years, driven by the extraordinary success of just a few of the largest currencies available. One of the main points of hesitation for many individuals who haven’t purchased any form of cryptocurrency is that it isn’t widely accepted at many locations and stores that are regularly visited. Due to the way in which cryptocurrencies are designed and used, privacy and security are foundational principles that often may not be compatible with the way that many physical stores are able to operate. This problem can easily be solved with biometric sensing technology, such as the devices and services offered by IDEX Biometrics.

Why Biometrics?

Biometric sensors have been implemented in situations where privacy and security are critical components, such as in fingerprint scanning devices to open locked doors. Fingerprints are unique to each individual, so it makes it far more difficult for someone to assume your identity to gain access to secured locations or to steal financial assets. In many ways, the use of biometric scanners and modules for transactions involving cryptocurrencies is not any more complicated than the use of a credit card, so it does not require any additional time for processing. With the simple press of a finger, the customer can have currency transferred from his or her cryptocurrency wallet to the establishment with no complications or lengthy transfer processes getting in the way.

Is it Secure?

Yes, it is secure. Utilizing biometric scanning technology works much like a debit card for a standard bank account, but instead of having a card linked to a bank, the user would effectively have one of the most secure forms of individual identification possible linked to an untraceable and encrypted cryptocurrency wallet. Because of the way in which the wallet is normally safeguarded against fraud and exposure and the fact that all fingerprints are unique, the chances of having someone else gain access to your account are next to none. With state-of-the-art scanning technology, transaction times are kept as low as possible as well.

As cryptocurrencies continue to rapidly grow in popularity, the ability to use currency wallets in local establishments is going to be critical in order to maintain thegrowth rate and gain wide acceptance. Since cryptocurrencies are designed to be secure and maintain privacy, the obvious method for transactions would be in the form of biometric sensor technology. Although non-biometric cards could be used for this purpose, they aren’t secure enough to guarantee that your wallet can’t be infiltrated. By linking a wallet to a set of fingerprints, you can be sure that you – and only you – can ever have access to your account. Additionally, the use of biometric sensor modules in traditional establishments won’t only provide protection; it will also make transactions using cryptocurrencies even faster than usual options, such as debits cards or cash, due to the fast scanning potential of the sensors.