As of recent, there is a new company that has created a cryptocurrency to strictly deal with biometrics. The coin, known as AML BitCoin was created by the NAC Foundation, which states that it is the first cryptocurrency that has full compliance with the laws behind Know Your Customer as well as Anti-Money Laundering requirements. This is a big step given the state of governments trying to regulate cryptocurrency for that exact purpose.
The new coin can be accurately tracked given in part to the biometric identification system. Using a database of identities, the users can feel safe knowing their coins are not only safe, but extremely private. In order to use the coin, according to the company “A user must declare their residence, present two pieces of government-issued identification, and submit to either a fingerprint, face, or iris scan in order to get certified. From there, biometric authentication will be required each time the users accesses the AML BitCoin mobile wallet.”
According to recent data, around two and a half million coins have already been purchased, with around seventy six million more available soon through an initial coin offering or ICO. These tokens can be exchanged for monetary compensation or held onto for investment purposes.
The world of initial coin offerings has been difficult to regulate given recent circumstances, but matching it with such a tight network of security systems will make it that much more legitimate.
The use of biometrics continues to be the way of the future. With more advanced and secure methods of security and authentication, it is becoming increasingly difficult to hack into a user’s profile and steal a user’s information. The use of biometrics is becoming more popular as news of security breeches are becoming more and more common everyday.