As organizations increasingly depend on biometric data for various purposes, such as access to physical spaces and financial services, the frequency and impact of data breaches continue to rise.
On May 15, the Worldcoin Foundation, the organization behind the Worldcoin iris biometric cryptocurrency project, made an announcement that it has open-sourced its secure multi-party computation (SMPC) system.
This new SMPC system is responsible for encrypting iris codes into secret shares held by multiple parties. It allows the Worldcoin Foundation to permanently delete iris codes that were generated through its previous uniqueness-checking system.
Remco Bloemen, the head of protocol at Worldcoin Foundation, stated to Cointelegraph that this development of open-sourcing the SMPC system provides a potential solution for “enhanced biometric data security.”
According to the Worldcoin Foundation, their SMPC approach is effective even against quantum computing.
A report by Fortune Business Insights, released on April 29, predicted that the global biometric system market will grow from $30.77 billion in 2022 to $76.70 billion by 2029.
Meanwhile, research from MIT’s Stuart Madnick revealed that there has been a significant increase of 20% in data breaches between 2022 and 2023, with the number of affected individuals doubling.
Jannick Preiwisch, the data protection officer of the Worldcoin Foundation, stated that the Worldcoin community is committed to developing and deploying advanced privacy-focused technologies to enhance trust online and provide greater access to the global economy.
He also mentioned that this complements Worldcoin’s goal of offering users more choices and control over their data, including personal custody and the ability to un-verify their World IDs.
In the past, Worldcoin has faced regulatory challenges around the world, particularly in Europe, regarding its GDPR measures and practices with user data.
However, the organization has taken steps to demonstrate its willingness to comply. In March 2024, it made the software of its iris-scanning Orb open-source and implemented a new privacy feature called “personal custody” for user data.
In April, Worldcoin announced that it would strengthen privacy checks and allow users to un-verify their World ID.
At the beginning of this year, Worldcoin achieved significant milestones in terms of its active daily user count, surpassing one million for its wallet app. Additionally, its token WLD experienced a surge of 141%.
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