Quick take:
- The wallet could serve as a proof-of-concept for securing personal data in web3 wallets.
- The infrastructure lets wallets connect with chosen devices.
- IriTech’s iris biometrics system is then used to restore private keys if a device associated with the wallet is lost or stolen.
IriTech has collaborated with Indian software firm Integra Micro Systems and the South Korean Institute of Blockchain Technology (IBCT) to launch a decentralised smartphone wallet secured with iris biometrics.
The wallet is perceived as a proof-of-concept for securing personal data in web3 wallets. According to IriTech, the infrastructure surrounding the wallet lets it connect with chosen devices. And if one of the connected devices is lost or stolen, IriTech’s iris biometrics system is used to restore private keys.
The three companies said the system is GDPR-compliant, meaning all the private data including the iris biometric information, wallet private keys and seed phrases are not stored in the system but are rather accessed via the decentralised ID from various governments, healthcare organisations and other providers.
The wallet also meets the requirements of the Aadhaar ecosystem in India and can also be adapted for use in onboarding users to web3 IDs.
Web3 is a blockchain-based internet that prioritises user-centric applications, trustless communication and community ownership on the web. It is the technology powering decentralised marketplaces, metaverse worlds and gaming ecosystems.
Users often require unique profiles for each decentralised application that they use, sometimes having to disclose personal data to complete certain transactions. Decentralised IDs smooth the process through trustless communication, enabling users to use one profile for all web3 apps that they visit.
Some of the leading global institutions have joined the web3 identity race, with JPMorgan recently announcing plans for a similar system through its subsidiary Onyx.
Earlier this month in Lisbon, the founder of the World Wide Web, Sir Tim Berners-Lee took the stage during the Web Summit conference to address the subject.
Touching on decentralised IDs, Berners-Lee highlighted Inrupt’s ‘Solid Project, which uses personal online data stores (PODs) to give individuals control over their own data.
Berners-Lee also drew a slight distinction between decentralized storage of digital identity and web3, noting that PODs are private, in contrast to public blockchain technologies.
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