Online security has become a pressing issue over the last couple of years due to the rapid digitalization of personal data management, social interactions, and financial operations.
With cybercriminals using increasingly sophisticated tools and methods, traditional security measures like two-factor authentication and complex passwords are no longer enough. In this context, crypto projects like Worldcoin step in to provide the audience with a way to fight cyber threats.
Biometric verification is a method designed to create an inclusive and highly-secure digital identity system. But Worldcoin isn’t the only crypto project designed to improve digital security, several other digital currencies uncover ways to bolster online security. 
This article is meant to explore how Worldcoin and other crypto projects create a safer digital world.
Worldcoin has a biometric-based approach to improve online security
Worldcoin is an interesting project in the crypto world because it aims to provide individuals worldwide with a decentralized and secure digital identity. It relies on biometric verification, mainly using iris scanning technology to generate a unique identifier. Irises are unique, so this technology confirms a user’s identity while maintaining their anonymity on the blockchain. This approach to use an individual’s iris as proof of identity is one of the reasons the Worldcoin price has increased steadily since its launch.
Biometric based security measures are more effective as it’s nearly impossible to replicate biometric data, unlike private keys or passwords. When a user ties their identity to an immutable biometric marker as their iris, it’s considerably more challenging for cyber criminals to conduct brute-force hacking, credential leads, or phishing attacks. The system aims to prevent fraudulent or duplicate accounts which have become a common problem for digital platforms and traditional financial institutions.
Worldcoin uses zero-knowledge proof to confirm the users’ identity without sharing their biometric data to third parties.
Other crypto projects that use biometric features
As mentioned earlier, Worldcoin isn’t the only crypto project that promotes biometric verification, it was the pioneer in the sector, and as expected it inspired developers to create similar projects. Here are some notable examples:
Civic – Civic is a blockchain-based identity verification platform that enhances online security by leveraging biometric authentication. It integrates a decentralized and secure identity management system that allows its users to confirm their identities through facial or fingerprint verification. Civic’s Secure Identity Platform (SIP) enables businesses and individuals to confirm identities with a high level of security, reducing the risk of identity theft and unauthorized access. Since biometric authentication is inherently tied to the individual it’s notably more resistant to common hacking methods that rely on impersonating individuals or stealing credentials.
PayPal’s Venmo – Venmo isn’t a cryptocurrency, but it relies on technology that integrates biometric verification for transaction authentication, similar to digital assets. It provides the users with an additional layer of security by integrating fingerprint authentication and facial recognition.
Ontology – Ontology is a project founded on the blockchain that focuses on data security and decentralized identity. It offers a unique decentralized identity (DID) solution that allows individuals and businesses to manage their identities securely. Ontology’s ONT ID system integrates biometric authentication as an added security measure, ensuring that only verified users can access sensitive blockchain services. ONT ID’s biometric authentication process strengthens online security by reducing the reliance on traditional authentication methods that are vulnerable to breaches. By implementing biometric verification, Ontology ensures that identity fraud and unauthorized access are minimized in decentralized applications (dApps).
Biometric cryptocurrencies improve online security
From the above paragraphs, it’s easy to understand that cryptocurrency projects that provide biometric verification improve online security in various ways.
- Stronger identity verification. Biometric authentication uses biological markers, so they cannot be compromised, stolen, or forgotten as private keys and passwords. The users have an immutable and secure form of identification.
- Protection against identity theft. It’s almost impossible for cybercriminals to steal biometric data and impersonate a user. Biometric data is unique to each individual and minimizes the risk of unauthorized transactions and fraudulent account creation.
- Secures access to financial service. By integrating biometrics into cryptocurrency wallets and transactions, projects like Worldcoin and Civic provide a secure way to access financial services. The users residing in regions with weak traditional banking infrastructure benefit highly from these projects because they can take part in financial operations without compromising their security.
- Privacy-preserving authentication. Many biometric-enabled cryptocurrency projects use advanced cryptographic techniques, such as zero-knowledge proofs, to verify identities without exposing sensitive personal data. This helps users maintain control over their digital identity while complying with security standards.
Biometric security also faces some challenges
Blockchain projects promote the idea that they store biometric data securely, but unfortunately, there is still the risk of data breaches. Crypto developers must ensure the biometric data they collect from the users is encrypted and stored in a decentralized manner to mitigate the associated risks.
Accessibility and inclusion are listed among the challenges of biometric security because not all users have access to biometric scanning devices or the necessary infrastructure for verification. The participation in some projects is limited and individuals from underserved or remote areas often fail to join these projects.
Additionally, some worry that biometric verification can lead to excessive surveillance and a loss of anonymity in the crypto world, highlighting that privacy and security are at the core of the sector and should be prioritized.
Parting words
As online security threats continue to evolve, the adoption of biometric verification in cryptocurrency projects is expected to increase. The integration of biometrics offers a more robust and user-friendly authentication method compared to traditional passwords and PINs. With blockchain technology ensuring data integrity and cryptographic techniques preserving privacy, biometric security solutions have the potential to revolutionize digital identity management.
Worldcoin and other cryptocurrency projects that integrate biometric verification represent a major step forward in enhancing online security. By using unique biometric markers such as iris scans and fingerprints, these projects mitigate risks associated with password-based authentication, identity theft, and fraudulent transactions.