Hitachi and Concordium to Develop Biometric Crypto Wallet
Hitachi's Research Division, in collaboration with Concordium Foundation, a blockchain development company, is initiating a project to create a biometric cryptocurrency wallet.
This project involves developing a solution that enables the generation of seed phrases through fingerprint scanning or iris scanning, eliminating the need for users to remember or store word combinations.
There will also be a feature for importing and restoring accounts on new devices using biometrics.
The first phase of the project includes testing the "proof of technology" to confirm the feasibility of the idea.
If the project develops successfully, the wallet will be integrated with Hitachi's existing Public Biometric Infrastructure platform and Concordium's network identification system.
Representatives from Concordium Foundation, in an interview with Cointelegraph, emphasized that the biometric wallet could be particularly valuable for their blockchain, as Concordium requires user verification when creating an account. This protects against fraud and hacking but makes maintaining access to the user's identifier extremely important.
The technical consultant from Concordium Foundation also noted that biometric wallets could potentially be applied in various blockchain systems in the future.
In 2021, Concordium, based in Zug, raised $15 million through a private token sale.
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