Worldcoin Foundation Open-Sources SMPC System for Enhanced Biometric Data Security
Summary:
The Worldcoin Foundation, behind the Worldcoin iris biometric cryptocurrency project, has open-sourced its secure multi-party computation (SMPC) system. This new system enables the organization to permanently delete iris codes generated earlier. This development, viewed as a solution to secure biometric data, sets a new standard for the foundation against threats, including quantum computing. Amid concerns of increasing data breaches, the foundation aims to improve trust online and expand access to the global economy. This move also demonstrates a commitment to comply with global data protection standards, offering users control over their data location, personal custody, and the option to un-verify their World IDs.
As businesses increasingly utilize biometric data for a variety of purposes, from gaining entry to buildings to enabling financial transactions, data breaches intensify in both frequency and impact. On 15th May, the Worldcoin Foundation, the entity responsible for the Worldcoin iris biometric cryptocurrency venture, revealed the open-sourcing of its secure multi-party computation (SMPC) system. This system, which encrypts iris codes into cryptic shares managed by several parties, empowers the Worldcoin Foundation to permanently eradicate iris codes produced through its prior system for verifying uniqueness. Worldcoin Foundation's protocol chief, Remco Bloemen, conveyed to Cointelegraph that this innovation, the open-sourcing of the SMPC system, proposes a potential answer for bolstering the safety of biometric information.
Bloemen stated that their SMPC plan may even stave off quantum computing, pushing the boundaries of Worldcoin protocol's resilience, and establishing a distinguished level of security. A study circulated by Fortune Business Insights on 29th April forecasted that the global biometric system market will expand from $30.77 billion in 2022 to $76.70 billion by 2029. Simultaneously, MIT's researcher, Stuart Madnick, unveiled a noteworthy increment (20%) in data breaches between 2022 and 2023, observing that the count of impacted individuals had doubled.
According to the Worldcoin Foundation's data protection officer, Jannick Preiwisch, the Worldcoin community is all set to construct and implement sophisticated privacy-centered technologies to boost online trust and widen access to the world's economy.
The novelty of the system also illustrates their exceptional commitment to align themselves with the EU General Data Protection Regulation and other international data protection protocols. Furthermore, Preiwisch mentioned that this initiative aligns with their determination to offer users the freedom to dictate where their data is transferred, along with personal custody options and un-verifying their World IDs opportunity.
Worldcoin had previously faced opposition from global and European regulators concerning its data user practices. However, they have since undertaken efforts to demonstrate their compliance. In March 2024, they introduced their iris-scanning Orb's software as open-source and integrated a modern 'personal custody' privacy characteristic for user data. In April, they vowed to enhance privacy verifications and permitted users to cancel their World ID verifications. At the annual inaugural, Worldcoin experienced a surge in their wallet app's daily user count, exceeding one million. Simultaneously, their WLD token exhibited a 141% surge.
Published At
5/15/2024 4:00:00 PM
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