IriTech specializing in iris recognition, and IBCT specializing in Blockchain DIDH* establish Joint Venture
22 July, 2022
– Big synergy effect in security by combining the Blockchain and Biometric
– Providing a security system that meets the GDPR (European Personal Information Protection Standard)
– Most effective way for protecting sensitive information/data
IriTech, a leading company in iris recognition solutions, and Institute of Blockchain Technology (IBCT), a leading company in the blockchain field of decentralized data platforms, make agreement to establish joint venture on July 8, 2022.
By combining the most accurate Biometric Technology (Iris Recognition) with the Self-Sovereign Security storage solution that is not dependent on businesses or storage type, all based on DID (Blockchain based DIDH), we can achieve the most secured system in Blockchain/Metaverse application.
IriTech is global leader of Iris Identification, and develop IriKey which is a next-generation hardware wallet that utilizes iris biometrics to address shortcomings of existing hardware wallets such as secret seed backup and awkward PIN login.
The seed is mixed with one’s Iris (Iris Lockcode), and seed can securely but conveniently be retrieved only with Iris liveness detection by using IriTech IP.
IriKey system can be externally connected with Mobile Device as HW Wallet or can be installed onto “Mobile Device with Iris” as App.
It will solve one of the most serious problem of Key Recovery/Management in Blockchain/Metaverse application.
The ‘Decentralized Data Platform (DIDH)’ developed by IBCT refers to an ‘Self Sovereign Identity (SSI)’ open ecosystem where data can be directly owned and controlled by the owner. This can be applied to various services (financial information, health information, digital assets, e-commerce, NFT, government documents, personal information, Fintech market, user authentication market, Automatic E-KYC, etc.).
By using DIDH, sensitive personal information can be owned by an individual rather than a 3rd party server, and the risk of personal information leakage is eliminated. Such decentralized data can be distributed between service providers in a safe and convenient way with data integrity, so it can be expected to create huge added value in the big data era.
Daehoon Kim, CEO of IriTech, said, “’1 Person-1 Wallet (Account)’ based on IriTech technology can confirm that one wallet (account) is provided to only one individual without possibility of another wallet(account) by same person.
Combining ‘1 Person-1 Wallet (Account)’ and ‘Blockchain DIDH’ has huge applications in Blockchain/Metaverse such as finance, digital assets (including NFT and CBDC), and important data exchange, where identification and security with data integrity are essential.”
There was a risk of abuse of wallet because one individual could implement multiple wallets due to anonymity.
However, ‘1 Person-1 Wallet’ combined with iris recognition is one of the must-haves for all wallet for E-KYC and AML.
There is a risk of loss or theft in a wallet using a private key, but there is no risk of loss or theft because ‘DIDH using iris recognition’ uses Iris Lockcode technology.
Since May 2018, countries around the world have enacted laws based on the EU’s GDPR to strengthen corporate responsibility for data subject.
Laws have been enacted to prohibit the unauthorized use of personal information.
So, Biometric information can not be stored by any corporate.
IriTech’s Iris Lockcode technology does not store private keys or iris information, so it satisfies the regulatory conditions for personal information management required by GDPR.
Combining ‘Blockchain DIDH’ and ‘Iris Lockcode based 1 person-1 wallet(account)’ are expected to become key technologies that will lead the era of block chain and metaverse.
AR (Augmented Reality), VR (Virtual Reality) and MR (Mixed Reality) devices that will be much more actively used in the Metaverse era must include an Eye Tracking System.
IriTech Iris Recognition System can be installed onto the same camera for Eye Tracking System.
For AR, VR and MR devices, Iris recognition is the only Biometric which can be installed.
IriTech’s IP for “Liveness Detection” and “Iris camera working under Sunlight Condition” will be one of the key technology for this application.
*DIDH is Decentralized Identity Data Hub for Web 3.0, and is realized through the organic integration of data encryption and sharing based on Blockchain, IPFS, and distributed storage of private key.