IriTech partners with Penta Security Systems to equip its IriKey Hardware Wallet with PALLET – the leading Crypto Asset and Transaction Management Solutions

24 September, 2019

FAIRFAX, VA, September 24th, 2019 – IriTech, Inc. today announced that it has partnered with Penta Security Systems, a leading data security vendor, to equip its IriKey iris hardware wallet with the latter’s well-known PALLET framework.

IriKey is a breakthrough hardware wallet that utilizes IriTech’s technology to lock a seed/key with the user’s iris data. The resulting so-called “locked seed” can be stored anywhere most convenient to the user (email, cloud, laptop, smartphone, etc.). In the rare chance hackers gain access to the locked seed, they still cannot retrieve the original seed (and thus the keys) without the live irises of the owner.

PALLET is a decentralized finance solution developed by Penta Security Systems, with more than 20 years of experience in the IT security industry. It provides a framework for storing and managing digital assets with in-house developed encryption algorithm, wallet standard, and blockchain protocol.

“We are very excited about this partnership,” said Dr. Daehoon Kim, CEO/Founder of IriTech. “IriKey addresses the core issue of existing hardware wallets: inconvenient backup & recovery using mnemonic phrases or secret sharing. Adding PALLET digital asset and transaction management with various cryptocurrencies makes IriKey a complete hardware wallet with the finest and optimized convenience and security.”

The combination will also be applied to automobile applications such as driver identification and intra- and inter-vehicle network security.

“….,” said Mr. Seokwoo Lee,  CEO/Founder of Penta Security.

About IriTech, Inc.

Since its establishment in 2000, IriTech, Inc. has focused on developing the most advanced iris recognition technology and products. Its iris-matching algorithm was top ranked by NIST’s IREX test and widely used by several U.S. government agencies. IriTech is the only vendor achieving all three STQC certifications on iris cameras for enrollment, authentication, and mobile devices for the Indian government’s UIDAI project — an ambitious plan to issue biometric ID cards to 1.2 billion residents. Those cameras have also been used by UNHCR, UN WFP, US Army, and many other customers globally. For more information, please visit www.iritech.com.

About Penta Security Systems

Founded on its data encryption technology in 1997, Penta Security Systems is a leading provider of web and data security products, solutions and services. As security threats rise, sensitive information becomes ever vulnerable to unwanted disclosure and tampering, and businesses and individuals may be tempted to become more reclusive. However, our society is one that should be open, relying on communication, interaction, and sharing among people in order to prosper and develop. Security is essential in order to continue developing a knowledgeable, informed society.