Blockchain Start-up Gigzi Partners Exclusively With IriTech for Iris Recognition Technology
Distributed ledger technology is impacting the financial services industry in a big way, as it provides an irrevocable and transparent method of record keeping. However, the community, developers and researchers of the technology have expressed concerns about account security that could hinder its adoption. That’s because there is no central authority which can modify the information recorded on the blockchain. Moreover, users control the access to their own accounts, so the responsibility of account security lies with the individual. This makes biometric security ideal for decentralized applications.
Gigzi, a London-based start-up, is addressing this major challenge through its financial system that allows users to independently manage their wealth in a secure way. Users can manage their cryptocurrency investments using the Gigzi Wallet application, which is secured by iris recognition technology from IriTech, the global leader in biometric security.
IriTech is the trusted provider of iris recognition technology for large-scale projects to key agencies such as the UNHCR, the WFP, and the U.S. Immigration Services, among others. This exclusive partnership will enable users of Gigzi’s decentralised financial system to benefit from world-class biometric security that has been top-ranked by the U.S. government’s NIST IREX index and has been deployed by government organizations globally.
Gigzi users can control access to the Wallet application using the unique configuration of their irides. This allows them to keep the private key - a randomly-generated set of numbers and characters that decrypts and grants access to the user account - safe. The frequent use of a lengthy private key through ‘copy-and-paste’ actions makes users susceptible to hacker attacks and malicious programs such as Spyware and Trojans.
The Gigzi Iris security device, and IriTech’s unique algorithm that has been developed exclusively for the Gigzi Wallet, will allow users to use their irides as a replacement for the private key, while providing impenetrable security at the same time. As such, iris recognition will become the standard security protocol for decentralised applications, and the Gigzi-IriTech partnership is pioneering this innovation in the wealth management space.
What’s more, through the Gigzi-IriTech partnership, users will benefit from a vast range of advanced security features such as fake iris detection, a multi-factor system that allows combined facial and dual-iris scanning, as well as iris scanning video cameras that work under sunlight, in darkness, and while wearing glasses. Further features are on our joint roadmap. In all, the Gigzi-IriTech partnership will give users peace of mind so that they can manage their wealth independently using Gigzi’s stable, secure, and transparent financial system.