Tuesday, October 19, 2021

IrisGuard Wins ‘Innovator of the Year’ by Combining Biometrics, Ethereum

IrisGuard Wins ‘Innovator of the Year’ by Combining Biometrics, Ethereum

IrisGuard was chosen as “International Innovator of the Year” by Lendit Fintech for the firm’s breakthrough work using its EyePay biometric technology combined with the Ethereum blockchain. With EyePay, users can have their iris scanned, which would automatically trigger the release of their Ethereum private key for payment.

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Real-Time Biometric Transactions Via Ethereum

Technologies such virtual reality, AI, and biometrics can leverage blockchain infrastructure to make functionalities previously thought impossible come to life.

In a prime example of this dynamic, biometrics play IrisGuard, a leader in iris-recognition technology, has been formally recognized by Lendit Fintech for showing how its securely-enabled point-of-service platform EyePay can use the Ethereum blockchain to allow for the processing of transactions in real time.

Specifically, EyePay is already in use across five refugee camps and is processing transactions to help provide 120,000 refugees with the ability to securely claim their food and escape the abundant amount of fraud and waste that has typically plagued international food charity efforts.

Imad Malhas, IrisGuard’s founder and Managing Director, said it’s all about expansion from here:

“This award could not have come at a better time for IrisGuard as we look to the future with the launch of our mobile Android phones and tablets and revolutionize the world of secure mobile payment applications.”

Secure Mobile Payment Applications

As entrepreneurs work to build upon blockchain ledger architecture, IrisGuard has proven that innovative solutions such as biometric technologies can absolutely use blockchain backends to provide a frictionless experience in unique use-cases such as identity and food tracking.

It’s getting easier and easier to imagine a future where the Internet of Things (IoT), biometrics, blockchain, and AI all work together seamlessly to connect the global economy and bring value to users around the world.

Would you be more or less likely to use an application that required you to scan your eye anytime you wanted to make a purchase in order to confirm it was you? Sound off below.

Images via Popular Science, PYMNTS

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