Securing Your Crypto Investments With Biometrics
It is common knowledge that passwords and other security measures are not up to the task of data breaches. That is why firms like BioSSL Yobi Wallet took the liberty to introduce to the world, the use of biometric systems. The biometric web security company has for long been an innovator on how to use biodata for authentication and prevent online identity theft. The company is now on course to utilize the technology together with the blockchain.
Their latest project, Yobi, provides blockchain users with a portal for secure e-wallets, cryptocurrencies, and smart contracts. The platform will create biometric identities of the users, which will be in use for transactions between parties. Each user's privacy is entirely made anonymous through the use of biometric handshakes and shared public keys. That makes the project one of the first biometrically-secured blockchain platforms.
With the military-grade secure environment, the project expects to leverage this technology to help reach more consumers.
Both BioSSL and Yobi differ in various aspects. First off, BioSSL is responsible for the verification part. Additionally, Yobi has several tools or applications which facilitate the multiple functions of the platform. One of the forms Yobi handles is the biometric wallet. The wallet allows transactions, mining, and saving of contacts without the use of passwords or private keys. Each process will only take place once the user's biodata receives verification.
There is also a biometric handshake system that accommodates secure transaction between parties on the ecosystem. The technology will help reduce the number of illegal sales as only the sender can send a handshake comprising the public biometric key for a particular receiver. Part of this is made possible by Yobi's use of interoperable biometric protocol which validates transaction owners and receivers.
Another unique feature is that Yobi operates on its private blockchain, YobiChain. Running on a private blockchain ensures high volume transactions and less number of nodes. The blockchain, however, anchors the data on a public blockchain to help protect the information for reference. The blockchain anchoring is a sort of tool to transfer the advantages of the public blockchain to the private blockchain.
Why It Is Useful
A distinct advantage of the platform is the level of security that the biometric system offers. Any user gets to enjoy a double layer of security within the ecosystem. That is made possible since both BioSSL and Yobi act as layers of protection to the user.
Once the BioSSL performs the verification, the Yobi platform then identifies the users according to his biometric data. As a result, there is more assurance on the security of transactions, and the identity remains anonymous through the biometric system.
Interestingly, some experts see no use of biometrics in the blockchain. However, this is far from reality since blockchain is still using passwords, which I consider a total failure when it comes to security.
Speaking of safety, hackers are finding ways to gain access to crypto wallets and exchanges due to weak passwords. But the integration of Biometric security to the blockchain through Yobi is a far better alternative.
The platform will improve the sense of security for your e-wallets, ensure identity protection and no third-party interference. And with the digital world shifting to more protection standards, Yobi will have its place in the blockchain world.