The largest and most common use of blockchain until now has been seen only in cryptocurrencies. But the very fundamentals that make blockchain the perfect method of circulating and using cryptocurrencies have immense potential that are yet to be tapped into.
Biometrics on the other hand have become a common security technique used in a number of places, the most common being in airports and workplaces to verify a person’s identity and credentials. A combination of the most secure way of storing and sharing data and an additional layer of security like biometrics is an exciting new identity management method that is being heavily researched and invested in.
How Does it Work and Its Benefits?
Blockchain in simple terms is a decentralized ledger which a person with the right credentials can access, create the first block of information, and continue to add to it by adding more ‘blocks’ of data to the ‘chain’. A number of reasons set blockchain apart from any other information security measure. It is
a. Immutable – Data cannot be edited or deleted
b. P2P managed – With one blockchain user communicating data in the chain with another person also using blockchain, peer-to-peer information forms the basis in this method
c. Free of third parties – With P2P information exchange, dependence on any third party to store or process data is completely eliminated. This in turn means saving money on intermediary bodies and lesser options for data to be hacked on centralized data servers
Combined With Biometrics
Consider the method in which blockchain operates and now add biometrics to the mix. This provides an unbeatable combination of decentralized data storage and communication that can only be enabled by a person who has created the first block of information. So here, fingerprint scanning or retinal readings will be the first level of security. Only after clearing this level would a person then be allowed to access the blockchain.
A number of organizations have already expressed keen interest in fortifying their data and that of their customers. Some of the companies are one of the Big4 in the world of Finance – Deloitte and Alhamrani Universal (AU), the largest ATM services provider in Saudi Arabia.
Talking about their collaboration with ShoCard, the company working on biometric blockchain security options, AU has said that the end goal is to allow customers to perform cardless and secure transactions in ATMs, and also save time in performing banking transactions, including checking balances and withdrawing cash. The process would include eliminating dependency on connecting with the bank’s servers in order to process a customer’s request when they have the right biometric credentials and their data is stored in a decentralized manner.
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