Craig Wright was an ardent supporter of the Bitcoin SV faction during last November’s Bitcoin Cash hard fork. Now, he has created an application that will use the Bitcoin SV wallet to authenticate users using smart cards.
Wright intends to use the application to improve the security of blockchain-based systems. In fact, the app will require users to submit biometric information to gain access into such systems. The app is built using the Elliptic Curve Digital Signature Algorithm (ECDSA), a proprietary technology developed by Wright's nChain.
Additionally, the app will implement KYC and AML procedures. It can also be used to assess the authenticity of passports and ID cards. Craig revealed that the data collected by the app will be stored on a public blockchain because it guarantees inalterability and security.
According to nChain, this app emphasizes security, simplicity, authenticity, speed, and dependability. Its privacy features are also designed in a way that prevents government censorship.
The Bitcoin SV wallet application is compatible with most smartphones. When a user uses their phone to access this solution, it sends the transaction’s hash and wallet value to the linked smart card. For the transaction to be complete, the user must sign in using the card. This is done to improve the security of user funds.
An individual user can have as many wallets as they wish. Wright believes that this gives the app an edge over cold storage hardware wallets. Another unique feature is the ability to store a digital backup of the smart card. To access the backup, the user has to provide biometric information followed by a two-factor authentication login.
Lastly, the smart card can leverage nChain’s technology to encrypt personal data stored on computers and phones.