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  • IriSafe, a Singaporean joint venture between IriTech and Blockchain industries, are creating a new blockchain-based identity management solution
  • This will be built on GoChain’s fast Web3-based public network
  • IriKey will be the first ever product of IriSafe that will use iris scanning rather than recovery phrases to better secure hardware wallets

GoChain, a Programmable Ethereum/web3 compatible blockchain, announced Wednesday that they will be cooperating with IriSafe Inc, to develop a blockchain based wallet locked to the user’s iris. The Singaporean based company is actually a joint venture between IriTech and Blockchain Industries.

It has previously provided identity solutions to many governments of the world like the United States, the United Nations and even India and various companies in the private sector as well. Backed by Blockchain Industries, a publicly traded merchant bank focused on the blockchain and cryptocurrency sector, Irisafe has entered a partnership with GoChain in a joint development agreement.

GoChain will reportedly be using IriTech’s biometrics hardware and software development along side IriSafe to develop a first of its kind blockchain identity management solution using ultra-secure, certified and government tested iris scanning technology. This will be entirely developed on GoChain’s public web3-based network that gives users faster transaction speeds and support that is being termed “enterprise grade”, which is not available to the general identity management solutions. The CEO of GoChain, Jason Dekker said:

“Blockchain-based digital identity management solutions are sorely needed, and we are thrilled to partner with IriSafe and Blockchain Industries to offer this unforeseen level of security”

IriKey, which is powered by IriTech’s patented iris recognition algorithm which had previously proven itself to be superior to competitors in independent government testing held in the U.S and India, is the first ever product to be released by the new joint venture IriSafe.

It is a hardware wallet that uses IriTech’s technology to lock a Seed/key with the users iris data. The result, called a ‘Locked Seed’ can be easily stored in the cloud or anywhere convenient to the user, in case there is a security breach and hackers manage to gain access to the seed data they cannot retrieve the original seed without a live iris scan of the user.

Traditional hardware wallets use various seed phrases that are a lot to remember or can be easily misplaced or lost, but with IriKey one can easily recover the assets in their wallet using the locked seed and an iris scan. Dr. Daehoon Kim, CEO & president of Irisafe said:

“We are incredibly fortunate to work with GoChain, the fastest, most reliable, web3 based blockchain protocol, this partnership presents the opportunity to be an industry leader in the blockchain-based identity management space.”

(Excerpt) Read more Here | 2019-03-07 23:00:00

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