Impact of Biometric Technology on Cryptocurrency
By David Orme, SVP Sales and Marketing of IDEX Biometrics
Welcome to the 2nd blog post in our series on Cryptocurrency. In this 2nd post, David Orme, SVP Sales and Marketing at IDEX Biometrics explains the impact of biometric technology on cryptocurrency.
Biometric technology can help to accelerate the widespread use of cryptocurrencies in everyday life by providing both quick and secure methods of paying via your favorite cryptocurrencies. Silicon biometric sensors are low-cost solutions for secure methods of payment and feature fast image capture and matching capabilities for quick transactions, with some options even available for mobile applications as well.
While biometric sensor modules can be used in a wide variety of fields, such as in security and network applications, the world of cryptocurrency can be greatly aided by these sensors. At the core of cryptocurrency is the protection of privacy, which can be handled well through biometric systems. By utilizing a simple fingerprint scanning device, you can be sure that your wallet can never be used without your direct consent because identities are far more difficult to steal when they are linked by a fingerprint. This also allows for rapid payment for goods at local establishments with a simple press of a finger on the pad instead of trying to directly wire payments between wallets.
Cryptocurrency as a system for alternative currencies has grown exponentially over the past few years, gaining use in many different markets with the ability to grow even more in the near future through the implementation of modern biometric sensor systems such as IDEX’s line of products. These devices are designed to maximize the use of available space, built with low cost in mind to make them affordable enough to be used in many different situations without requiring significant costs to operate, and feature fast image capture for rapid scanning and matching so the transaction times can be kept at a minimum.
Additional features of IDEX’s sensors make them ideal for implementation in cryptocurrency environments, such as the ability to continue detecting fingerprints when operating under low power, and AC/RF capacitive sensing. All of these features add together to make these sensing modules great additions to many applications–particularly sales transactions–when maintaining the privacy and security of a cryptocurrency wallet is necessary. This certainly applies when you are trying to bring about the rapid, mainstream adoption of cryptocurrencies as widely accepted methods of payment to help to better serve clients in all industries.
The previous post in our series on “Cryptocurrency” looked at the biometrics as the next best thing in Cryptocurrency.