Use of Fingerprint Biometric Technology to Fight Crypto Crime

Welcome to the 3rd blog post in our series on Cryptocurrency. In this 3rd post, David Orme, SVP Sales and Marketing at IDEX Biometrics explains how biometric technology can be used to fight Crypto Crime. The previous post in our series on Cryptocurrency looked at the impact of biometric technology on Cryptocurrency.

With the exponential increase of information produced every year, it is safe to say that we will all be living in a data-flooded wonderland soon enough, if not already. All this data is great for record-keepers and machine learning, but it is becoming increasingly difficult to keep all our important information under lock and key. Fortunately, there are technological solutions being perfected right now. Biometric identification technology adds a whole new layer of protection to our information and our devices, and it should put a stop to cyber crime and other forms of information and identity theft.

The IoT Can Be a Double-edged Sword

The prospect of connecting all of our devices and all of our information together in one network is great when viewed through the lens of convenience, but the interconnected nature of the IoT makes security a nightmarish prospect. Keeping the whole network safe would require a ridiculous amount of effort by trained personnel, and one wrong move or lapse in concentration could render the whole network vulnerable.

This is where biometric identification technology may shine and show off its usefulness. While strings of numbers and letters canbe infiltrated by diligent hackers, an individual’s unique vital signs and literal fingerprints are impossible to replicate. Biometric technology will enable people to attach their devices and all their corresponding information to their vital signs, their fingerprints, and their very physical existence, thus stopping hackers and thieves in their tracks.

Biometric Identification Can Render Passwords Obsolete

It may be difficult to imagine right now, but a world without passwords and passcodes is possible. Almost every day, it seems that there is some device or service we must unlock before we can use it, and more often than not, the method for unlocking it requires the entry of a password. This can work to an extent, but too many cases have shown that passwords may be figured out or even stolen. The lesson here is that passwords must be made a thing of the past – and biometric technology does that very nicely.

Fingerprint recognition and biometric scanners may cause passwords to be obsolete, as they are added to all our devices and services. Instead of typing in a lengthy, complex password that you must remember perfectly in order to get into your computer, you could place your finger on the touchscreen and let biometric identification technology open your important devices for you. This method is impossible to crack due to the unique nature of fingerprints and biological signatures.

Hacking and data thievery have been around since the early days of the internet and even before then, and only now do we have a solution to crypto security problems. It is no longer necessary to mess around with complex passwords and strange encryptions; biometric identification technology can protect your valuable information behind your unique biological signature and turn passwords into a shield of the past.

The previous post in our series on Cryptocurrency looked at the impact of biometric technology on Cryptocurrency.