Unikeys Has Finally Launched a Biometric Crypto Card
Unikeys has just launched their very first biometric crypto card, which you will be able to use to verify each of the transactions you do with the use of your biometric data. This is a huge step taken by the company against fraud, and we should expect to see this being rolled out across the industry very soon. The company has decided that they will start it small, having a pilot scheme that will run in Hong Kong.
However, the biometric card they have designed could be a little further than just a fraud countermeasure, in the long run. It could actually be the credit and debit card that will be used on the blockchain system.
Changes Taking Place in the Market
MasterCard and Visa have gone ahead to work on the necessary steps in replacing the Chip and Pin cards. It will be a moderate success for companies in the fight against the increasing fraud transactions in the market, but this is still far from the final solution expected. With the use of the biometric cards, it could actually put an end to the phishing expeditions taking place, actions that have cost the industry large sums of money and the confidence in customers.
The card for Unikeys is called Ukey, which looks like any other credit card you might be having in your wallet. But the difference is, this is an actual physical key to your online wallet that could either contain Bitcoin Cash, Bitcoin, Litecoin, Ether, and various crypto coins that are popular in the market. The company is planning on licensing the tech; as a result, they are in talks with a number of partners interested in the project.
Designed With a Powerful Physical Key
In the crypto market having physical keys is not considered to be anything new as it has been helping to secure the various wallets that could be having millions of dollars in crypto coins. But with the biometric element being put in place makes it a new touch that will definitely be a hit in the market.
Unikeys has gone ahead to partner with the MeReal Biometrics that is situated in Hong Kong, which has been able to go ahead and license their fingerprint technology, which is from Sweden’s Fingerprint Cards. Once the card has been activated, the user's fingerprint is immediately stored and will be used as a secure authentication key, and from here no transaction can take place without first having the biometric confirmation.
Thus, this new element in the system would have really saved several investors the painful scams that have been taking place within the crypto market.
Could It Actually Be More Than Just a Key?
The design of the card is very unique; it is to ensure the card is more than just a physical key. In the event that merchants started accepting the crypto-coin for payments, or the Unikeys finds a way it is able to create a gateway with the use of Stripe or just use the inbuilt functionality that has been incorporated to the Stellar Lumen framework, then expect to see this biometric card being transformed into a debit card.
The Coming of Credit and Debit Cards
It is widely being seen that having a debit and credit card in the crypto market as the next big step. Vitalik Buterin, the Ethereum creator recently announced his dream of people having the ability to buy pre-paid cards straight from a convenience store. But the conception and also delivery of a credit card has proved to be very different when we look at the difficulty scale, this is according to a demonstration done by Monaco Crypto and TenX.
It is clear with the implementation of this biometric card it will easily be an alternative that will soon replace bank accounts, and also be in a position to remove the current friction that exists in the payment process.