Worldcoin beefs up security by open-sourcing biometric data system

As a researcher with a background in biometric data security, I am deeply concerned about the increasing number of data breaches involving sensitive biometric information. The Worldcoin Foundation’s recent announcement that it has open-sourced its secure multi-party computation (SMPC) system for encrypting iris codes is a promising development in enhancing biometric data security.

With the growing dependence of organizations on biometric data for diverse uses such as securing access to buildings and managing financial transactions, the occurrence and severity of data breaches are becoming more frequent and significant.

The Worldcoin Foundation, the group responsible for the Worldcoin iris biometric cryptocurrency initiative, made public on May 15th their open-source secure multi-party computation (SMPC) system.

As a crypto investor, I can tell you that the latest Secure Multi-Party Computing (SMPC) system is a game-changer for the Worldcoin Foundation. With this new technology, iris codes are encrypted using my system and distributed as secret shares among multiple trusted parties. This setup empowers the Foundation to permanently erase any iris codes derived from their earlier uniqueness-checking process. It’s like hitting a delete button on old data while ensuring that the information remains secure and protected.

Remco Bloemen, the protocol head at Worldcoin Foundation, shared with CryptoMoon his perspective on the significance of open-sourcing their SMPC system. In his view, this move could potentially strengthen biometric data security.

“With the development and open sourcing of a new secure multi-party computation (SMPC) system, Worldcoin Foundation aims to continue to increase the robustness of the Worldcoin protocol while also setting a new standard for security. “

The Worldcoin Foundation said that its SMPC approach is even effective against quantum computing.

As a market analyst, I’d say: Based on my analysis of the latest report by Fortune Business Insights, published on April 29, the global biometric system market is anticipated to experience significant growth, expanding from its current value of $30.77 billion in 2022 to an impressive size of $76.70 billion by 2029.

As an analyst looking at cybersecurity trends, I’ve noticed a concerning development: According to MIT’s Stuart Madnick’s research, there was a substantial increase (approximately 20%) in data breaches from 2022 to 2023. This rise in breaches came with a troubling consequence: the number of affected individuals nearly doubled.

As a data protection officer at the Worldcoin Foundation, I am proud to be part of a community that prioritizes the development and implementation of sophisticated privacy-enhancing technologies. Our mission is to foster trust in the digital realm and expand access to the global economy for all, while maintaining the highest standards of data protection.

“The development of this new system demonstrates an unparalleled commitment to further compliance with the EU General Data Protection Regulation and other data protection regimes across the world.”

He additionally expressed that this feature aligns with the company’s objective of offering users greater autonomy over their data, enabling them to decide where it is stored and even revoke their World ID verification if desired.

Previously, Worldcoin has faced scrutiny from regulatory bodies globally, with European authorities being especially critical of their handling of user data in relation to GDPR regulations.

Since then, the company has demonstrated its commitment to complying by making its iris-scanning Orb software open-source in March 2024 and introducing a new “personal custody” privacy feature for users’ data.

In the space of a month, starting from April, they announced plans to strengthen privacy controls and gave users the option to deactivate their World IDs.

This year, the number of active daily users on Worldcoin’s wallet app surpassed one million mark for the first time at the start. Simultaneously, the price of Worldcoin’s token, WLD, experienced a significant rise, increasing by an impressive 141%.

2024-05-15 16:16

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