With the launch of the SMPC system, the Worldcoin Foundation is poised to provide enhanced protection of biometric data.
Worldcoin ($WLD) is a cryptocurrency project focused on providing a universal basic digital identity to people globally. With the initial token distribution plan, company aims to distribute coins using biometric identification, to combat inequality and poverty on a global scale. In many countries, this crypto project faced legal issues because of its human verification protocol which collects human biometric data.
On 15 May 2024, The WorldCoin foundation, an organisation behind the WorldCoin crypto project, unveiled that it open-sourced its secure multi-party computation (SMPC) system.
The new SMPC system encrypts iris codes into secret shares held by multiple parties, enabling the Worldcoin Foundation to delete iris codes from its previous system while maintaining security.
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In an interview with popular crypto news media Cointelegraph, Remco Bloemen, the head of protocol at Worldcoin Foundation, said that open open-sourcing SMPC system is going to provide enhanced biometric data security.
Over the last couple of years, many reports noted that the majority of people are facing issues of data breaches. However, experts believe that improvement in biometric data systems will take place at a better level & that will further help this industry to grow from $30.77 billion in 2022 to $76.70 billion by 2029.
By addressing the existing challenges associated with traditional biometric systems, the Worldcoin Foundation data protection officer Jannick Preiwisch said that the WorldCoin community devs are focused on developing advanced technologies to protect online privacy and make it easier for everyone to participate in the global economy.
It is worth it to note that WorldCoin faced huge regulatory pressure in many countries citing security concerns over citizens’ sensitive details like name, address, biometric data safety, etc.
Here we can say that such new efforts may help the WorldCoin foundation to fight against the challenges, the company faced in the 12 months.
Read also: Bitcoin Skyrockets to $64.7K Amidst 3 Years Record-Low US Core Inflation Report
WorldCoin ($WLD) introduces SMPC to redefine the protection of biometric data
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