Non-Face-to-Face Identification in the Era of Covid-19, Growth of Payment Market and Information Security

SEOUL, KOREA / ACCESSWIRE / June 2, 2021 / The market experiencing the most rapid growth and change amid transitions brought about in our daily lives in the era of COVID-19 is non-face-to-face identification and payment market. Such growth of the non-face-to-face trading market has also raised various security issues.

These security issues, however, are being increasingly addressed by the solutions introduced by many IT companies. The self-sovereign identity service that manages personal information and information security under users’ individual responsibility and its transition away from the centralized security and management system is one notable shift in a technological service amid COVID-19.

Credit brands such as VISA and Master announced their plans to issue biometric credit cards with fingerprint sensors starting in the second half of 2021. Under the value of decentralization, many blockchain services are providing self-sovereignty identity-based services into the market.

Biometric identification and payment technology utilizes individual user’s fingerprint, iris and facial recognition in the identification and payment process, which has the advantage of enhanced convenience and security over any other identification and payment method.

Despite these advantages, biometric identification technology remains vulnerable to malicious hacking attempts. There were times attempts to disable identification through cloning of fingerprints using silicon, copying of facial information through 3D scanners, and duplication of iris information through high-resolution photos have succeeded.

If the incapacities in identification cannot be resolved in the rapidly growing non-face-to-face identification and payment market amid COVID-19, biometric identification services, also referred to as next-generation identification and payment services, will face inevitable limitations.

Fortunately, technologies and services that can provide solutions to these limitations are emerging.

One example is the untact identification and payment service using blockchain and biometric digital cards, introduced recently by Twinning Inc. GranX in Korea as a commercial service.

Twinning Inc. provides identification and payment services using a digitalized card (Twincard), as opposed to a plastic card with an IC chip as widely used; it also utilizes a unique security structure where a private KEY with user’s fingerprint is generated and stored in the IC chip as the user registers his or her fingerprint. It also has a built-in display that provides various information including QR code, allows NFC and Bluetooth communication as well as identification services using IC chip, NFC and QR code.

GranX, a blockchain identification platform that applies biometric identification technology, encrypts user’s biometric information generated and stored in Twincard and stores it in blockchain, and, when user identity authentication is required, provides decentralized identification (DID) services that compare biometric data stored on Twincard with encrypted biometric data stored on the blockchain.

Twinning and GranX, through the convergence of their technologies and services, are maximizing convenience and security in the market.

Twincard, which has revolutionized the traditional IC Cards with biometric and digital technology, and GranX, a blockchain identification platform based on biometric technology capable of self-sovereign identity, are both expected to defend against the attempts to disable innovative identification and payment services and information security in the rapidly growing non-face-to-face biometric identification and payment service marketin the COVID-19 era.

CONTACT:

Name: Um Suhyeon / CMO
Email: granc@granc-chain.com
Phone : +82-70-7206-0001
City: Seoul
County: Korea

SOURCE: GranX

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