L-Tree, an international company, has been saying that biometric authentication will dramatically change how we not only securely store our assets, but many aspects of cryptocurrency and the digital world as well. Today I want to look at some of the facts about biometric identification.
Fingerprinting can be traced back to the 1400’s in China; however, its uses are not entirely known. Some of the other early forms of biometric identification appeared in the 1800’s, however that was different than what it is today; being more about tracings of scars, birthmarks or other unique body characteristics. It wasn’t until the late 1800’s that fingerprints were discovered as a way to identify criminals, and in India used as a signature for hotel guests. Fingerprints quickly became popular which resulted in it becoming a form of identification for the Army, Navy, and Marines in most English speaking countries by 1907.
Biometric Authentication has come a long way since the 1800’s. As of today fingerprint identification is used in many ways and many industries, even down to most mobile phones using it as a method for authentication, and many companies, in Canada at least, using it as a method of identifying their workers when they’re clocking in.
Although fingerprint authentication has brought biometric authentication to where it is today it is not without its flaws. Due to the sweaty nature of skin, fingerprints will leave marks behind, as you would know if you’ve watched any forensics or police shows. The marks left behind can, unfortunately, be copied and used to steal your identity. L-Tree wants to bring a more sophisticated version of biometric authentication to the world of cryptocurrency: the Finger Vein Authentication System (FVAS). The FVAS works by having an infrared light scan the finger-vein pattern beneath your skin. Much like fingerprints, everyone's finger-vein pattern is different, and unlike fingerprints, they leave no trace, and the FVAS can still work if the skin is wet.
Photo by Charles Deluvio 🇵🇭🇨🇦 on Unsplash
What L-Tree plans is to revolutionize the way we are currently using authentication to access our smart wallets and assets. To date, there have been millions of dollars in cryptocurrency assets lost, solely because of a lost password that could not be recovered. With the FVAS securing your Smart Wallet, you could sign in by scanning your finger-vein and not have to worry about forgetting your password. Alternatively, if you ever couldn't remember your password, you could recover it by merely scanning your finger-vein. Biometric authentication would also bring a personal component to the world of cryptocurrency. As of right now, so much of who we are in the crypto-world is a series of numbers, not even having a name to go by. However, by being able to identify yourself with merely a scan of your finger, it will be quicker to sign in to an exchange, as all of your identity would be attached to your unique finger-vein pattern. Also, by attaching your finger-vein pattern to your identity within the blockchain, there is a higher level of accountability as well. One of the significant concerns critics have had about cryptocurrency is its lack of accountability and the number of scams or other malicious activities or attacks that go on. However, with adding biometric authentication into the picture, how likely will someone try to scam you when their dealings can be traced back to their finger-vein pattern?
Biometric authentication has been revolutionizing the way we punch in at work, and even unlock our phones, isn’t it time we add it to cryptocurrency?
Check out more about LTree on their website http://l-tree.io/
-Written by James Hepburn