Trust Stamp Launches Biometric Private Key Vault for Cryptocurrency Services

Trust Stamp adds its feature as a private key storage vault and secure account credentials based on facial biometrics to the suite of solutions it offers to financial institutions that operate digital asset and crypto services. cash.

The system converts biometric and other data used for authentication into a proprietary and immediately deleted irreversibly transformed identity token (IT2). It does not require identity verification and no personally identifiable information is stored or shared.

Trust Stamp CSO Dr Norman Poh explained the concept behind IT2 tokens and biometric linking with fuzzy tokens at a recent EAB Lunch and Learn.

While misplacing credentials to access a cryptocurrency account is inconvenient and may restrict access to assets, the loss of the private key of a cryptocurrency wallet or non-fungible token (NFT ) results in the permanent loss of the assets they protect.

The products aim to prevent the loss of a private key needed to access a cryptocurrency or NFT. To ensure long-term data protection and availability, biometric data is irreversibly symbolized by Trust Stamp cryptographic processes and stored on an Amazon Quantum Ledger (QLDB) database. This provides a transparent, immutable and encrypted verifiable transaction log.

Services are being offered to financial institutions, including U.S. and international banks, to meet demand following an interpretive letter from the Office of the Comptroller of the Currency (OCC) in July 2020, which highlighted the authority and the need for national banks to provide digital asset custody services.

“With approximately $ 1,000 billion in cryptocurrency and NFT assets in circulation today, billions of dollars would be permanently inaccessible due to the loss of account credentials,” said John Bridge, Executive Vice President of Trust Stamp responsible for cryptocurrency related services.

“As cryptocurrency becomes widespread and recognized as an important asset class in diversified portfolios, Trust Stamp strives to offer parallel or better protection and convenience to cryptocurrency and NFT investors compared to those offered. by traditional financial institutions. “

Trust Stamp is also providing its facial biometrics technology for real-time KYC and AML checks to Bitcoin ATMs, the company said in the announcement.

Articles topics

authentication | biometric data | biometrics | crypto-currencies | data protection | digital identity | Trust stamp


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