Hitachi and Concordium to Develop Biometric Crypto Wallet

The research division of Hitachi and blockchain developer Concordium Foundation are jointly pursuing a biometric cryptocurrency wallet project.

? @ConcordiumNet x @Hitachi : Progress is booming on the biometric crypto wallet!

? Imagine restoring your wallet with just a fingerprint or facial scan.
Read more about it: https://t.co/LNcO4ahjqP #CryptoWallet #Biometrics #BlockchainTech #HitachiXConcordium $CCD…

— Concordium (@ConcordiumNet) December 14, 2023

The solution is expected to generate seed phrases via a fingerprint or iris scan. This would spare users from having to store or memorize a set of words.

There will also be the ability to import or restore accounts on new devices using biometrics.

In the initial phase, the partners will conduct a “proof of technology” to confirm the viability of the idea.

If the wallet moves to implementation, the tool will use Hitachi’s Public Biometric Infrastructure platform and Concordium’s identification system on the network.

Representatives of the Swiss company, in a Cointelegraph interview, noted that biometric wallets could be particularly useful for their blockchain. Concordium requires users to undergo verification when creating an account. On the one hand, this helps prevent malicious activity such as hacks and scams; on the other hand, it makes safeguarding access to one’s identifier extremely important.

However, biometric wallets could, in principle, be used in any blockchain in the future, according to a technology consultant at the Concordium Foundation.

In 2021, the Zurich-based firm raised $15 million through a private token sale.

Earlier in December, Block, Jack Dorsey’s company, opened pre-orders for the hardware Bitcoin wallet Bitkey, whose mechanism also enables users not to memorize passwords or seed phrases.