Biometrics are increasingly being used for payments and personal identification. A biometric is a physical or behavioral characteristic that can be used to uniquely identify an individual. Common examples of biometrics include fingerprint scanners, iris scanners, and facial recognition technology. payments can be made using biometrics such as fingerprints and iris scans. Personal identification can also be performed using biometrics, such as when unlocking a smartphone or entering a secure building. The use of biometrics is becoming more widespread as the technology becomes more affordable and accurate.
The need for conclusive authentication of identity to lend validity to transactions conducted remotely has certainly acquired what many consider to be critical mass in the marketplace. The article provides an effective digest of the more recent happenings around using unique passive and active physical information to act as “self-notarization” in many cases. That article does well in surveying the wide range of areas biometrics are influencing. No surprise it leads with privacy issues.
Last week the FBI proposed that its biometric database be excluded from several provisions of the U.S. Privacy Act, which states that all federal agencies must notify individuals about any records they acquire and retain regarding them. The FBI’s Next Generation Identification System (NGIS) is a database that contains the biometric data (fingerprints, eye scans, facial scans, and DNA samples) of both criminals and non-criminals in the U.S.
Mercator Advisory Group anticipates the questions surrounding where personal identification data is held and by whom it is referenced will increasingly be questioned in courts around the world. Established banking concerns would be well-positioned to transform themselves to lockdown personal data (medical, financial and legal) and ensure its veracity and security. We believe much of the investment in blockchain technology development by major banks has this objective at its core.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies at Mercator Advisory Group
