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Biometric Authentication: A Potential Security Method to use for Cryptocurrency

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The advent of cryptocurrency, its services, and operations is not new now. In the past few years, the crypto industry has gain firm ground over the world and revamped the banking industry and its norms in various aspects. However, with the passage of time, cryptocurrency faced various challenges with respect to security implementations. The crypto industry has been under the effect of cyberattacks and hacks. These attacks gradually diminish the confidence and trust of cryptocurrency services. Due to this, a question arises that how can the crypto industry be protected? There exist a variety of solutions and regulations for the protection of crypto platforms. However, the need is to consider the ones that seem promising and align well with the security requirements of the industry.

Biometric authentication is the potential security method that cryptocurrency requires and that ahs the capability of aligning according to the security needs of the platforms. The increasing number of financial frauds and scams call out for stringent regulatory framework and security solutions that are secure, innovative, and advanced enough to keep intact the aspect of customer experience as well.

Hash is not enough

Sometimes, in the cryptocurrency exchanges, the hash is not enough that could serve the purpose of protecting the valuable cryptocurrency. Other than the concept of public and private key pairs in cryptocurrency, there should be some other stringent measures towards the security of the platform that could help mitigate the risks of frauds that used to happen in the cryptocurrency platforms. Most of the cryptocurrency frauds happen due to unauthorized access over user accounts and data. 

The only way to ensure controlled access to confidential information is biometrics, such as fingerprint, facial recognition, and retina scanning. Biometric authentication of each individual should be employed to make sure that only authorized entities access the data so that the fraud rate could be mitigated. The advanced biometric login includes verification of individuals based on facial features that itself comprises a list of advanced measures that help deter the risks of fraudulent attempts.

Biometrics is the Future of Cryptocurrency

For all the fanciful methods used to safeguard cryptocurrency, there is one new method that may outdo them all. This is biometric identification technology, and it may be used to link all of your important information to your person: a lock and key that is impossible to open by anyone but yourself.

Other than the standard security practices, the biometric authentication system is penetrating into the crypto industry. Facial recognition system employee facial is biometric in which using unique facial features of individuals the identity can be verified. Advanced biometric systems ensure various spoofing checks to make sure that the system is free from bad actors who misuse the system and become a reason for several cyber-attacks and financial crimes.

Conclusion

The robust open communities are required to achieve the high and interoperable standards with respect to the security of platforms as it is declared by the proponents of SSI (Self-sovereign identity). Many times, long-term designs are complex and difficult. However, they are not impossible. The need, therefore, is to take into account all the aspects that could help serve the purpose of identity verification and mitigating fraud from the crypto industry.

Biometric authentication and login systems are secure, advanced, and convenient. These perspectives should be in the security methods that could maintain the transparency in the system and ultimately curb the rate of financial fraud and an array of several other crimes te industry is exposed to.

Editorial team Account! Bringing you entrepreneurial stories. Flourishive views the world through the eyes of entrepreneurship—ambition, ​empathy, the ​grind. Be inspired by articles curated by Flourishive Contributors.

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The Flourishive Magazine tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience.