The birth of bitcoin was only 10 years ago. 18 August 2008, bitcoin.org was registered by “Satoshi Nakamoto,” and it’s blown up from there. In 2010 10,000 bitcoin would get you 2 pizzas. Today, that would be worth over £55 million or alternatively known as the most expensive pizza in history.
Since 2008 some countries have made cryptocurrencies illegal while some recognise it as legitimate payment alongside shops and institutions. You can use cryptocurrency for anything, from buying a house to a cup of coffee. Over 1000 bitcoin ATM’s have been built and there are 2,289 different types of cryptocurrencies at the point this article has been published. These new currencies include Dogecoin, based on the popular internet meme and Akoin the crypto started by rapper Akon to create opportunities for young entrepreneurs in Africa.
The evidence is clear, the whole world is adopting cryptocurrencies. So why is it the value has dropped so dramatically and the market is in panic mode? We can assume it’s due to the volatility and nature of the market. Many cautious investors are looking to cut their losses and move on from the troubled asset-class and although crypto has grown significantly, it is still not globally recognised as a legitimate payment.
This is where identity comes in. Cryptocurrencies are anonymous to increase privacy and stop transactions being linked to personal details. Although some people find this to be of value, especially when making purchases on the dark web (something people often link with the currency), to further legitimise the payment identity needs to be connected.
Take for example the fact that up to $40 million in bitcoin alone has been lost from people forgetting their passwords. An easy solution for this is to use biometric information for example face and voice as a way of accessing accounts. By using unique identifiers such as these, you can have secure access and not risk people losing millions.
Having an identity attached to an account would allow people to own their own data and be able to choose for example what information they wish to share. Bringing power to the consumer. Identity verification and KYC brings enormous legal and practical benefits to organisations. For example:
• Transactions can be legitimately associated with a good actor
• ICO’s can be sure they are only receiving clean money
• Scalable security to stop any suspicious login attempts or transactions that could harm the individual or business
• Prevents cheating in transactions
• Focusing on privacy rather than anonymity will allow a more streamlined process for everyone
Our mission is to weave a simple, user-centric verification system into cryptocurrency. Granting cryptocurrencies a legitimacy, making regulators happy, encouraging crypto to become more mainstream and deliver the benefits to everyone. We believe the best way to do that is through biometrics.
SmilePass is the only biometric platform that unifies best-in-class biometrics, with some of the highest security in the market we help create trusted communities. By completing the KYC process through our app, your customers can own their identity data and you can feel at ease about transactions that take place. Want to know about our pricing and how we work? Contact us for a quote or demo.