As organizations continue to rely on biometric data for various purposes, such as access control and financial services, the frequency and impact of data breaches are on the rise.
On May 15, the Worldcoin Foundation, the organization behind the Worldcoin iris biometric cryptocurrency project, announced the open-sourcing of its secure multi-party computation (SMPC) system. This system is responsible for encrypting iris codes into secret shares held by multiple parties, allowing the foundation to permanently delete iris codes generated through its previous uniqueness-checking system.
Remco Bloemen, the head of protocol at Worldcoin Foundation, stated that the open-sourcing of the SMPC system provides a potential solution for enhancing biometric data security. The foundation also claims that its SMPC approach is effective even against quantum computing.
A report by Fortune Business Insights, released on April 29, predicts significant growth in the global biometric system market, from $30.77 billion in 2022 to $76.70 billion by 2029. Additionally, research from MIT’s Stuart Madnick indicates a 20% increase in data breaches between 2022 and 2023, with the number of affected individuals doubling.
Jannick Preiwisch, Worldcoin Foundation’s data protection officer, expressed the community’s commitment to developing and implementing privacy-focused technologies to enhance trust online and provide greater access to the global economy. He also mentioned that this initiative aligns with Worldcoin’s goal of giving users more control over their data, including options for personal custody and the ability to un-verify their World IDs.
Worldcoin has faced regulatory challenges worldwide, particularly in Europe regarding its GDPR measures and handling of user data. However, the foundation has taken steps to demonstrate compliance. In March 2024, it open-sourced the software of its iris-scanning Orb and introduced a “personal custody” privacy feature for user data. In April, it announced tighter privacy checks and the ability for users to un-verify their World ID.
This year, Worldcoin achieved significant milestones in terms of its daily active user count, surpassing one million for its wallet app. Its token WLD also experienced a surge of 141%.
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