3 Industries that Need iTrue’s Biometric Authentication System
There is a growing demand for safe, efficient, and secure authentication systems, given the rise of online financial products and startup companies providing innovative digital services. Many organizations are already exploring or implementing biometrics as the optimal way of authenticating users in order to reduce the risk of security breaches.
However, biometric technologies alone cannot give absolute assurance of secure and safe authentication since user data can easily be compromised or misused with improper handling. iTrue solves this issue by putting confidential data on the blockchain and securing it with biometrics. Thus, offering users a safe location to store data as well as a platform to verify identities without fear of compromise. The use case of iTrue’s decentralized platform spans across many industries, but the major ones are banking and finance, healthcare and government.
Banking and Finance
Banking and finance is expected to be the number one driver for growth in biometric technologies, as banks realize passwords and pins are no longer a sufficient security barrier. Michelle Moore, head of digital banking at Bank of America, told The Charlotte Observer, “passwords need to go away” because “number 1, people forget them and, number 2, they’re not safe.”
Fingerprint recognition
According to the American Banker, more than half of Bank of America’s users had used fingerprint biometrics for mobile access by 2017.
Eye recognition
According to Fortune, dozens of regional banks and credit unions, including Wells Fargo, have already enabled app sign-on via eye recognition.
Facial recognition
For iPhone X users, U.S. Bank and Citibank offer facial ID login to their mobile banking portals given that iPhone X doesn’t support fingerprint login.
Biometric identification is used by banks and other financial institutions to know exactly ‘who’ is using the services they are offering and also for documenting customers’ activities. With so many options available for biometric identification, banks are even moving towards offering multifactor authentication allowing customers to provide a combination of biometric identifiers (i.e. fingerprint and eye scans) to reduce the potential of fraud even further.
Key use cases for financial institutions:
· Customer identification
· Employee identification
· KYC compliance
· ATM access
· Mobile banking access
Healthcare
Healthcare biometrics refers to biometric applications in doctors’ offices, hospitals, and other healthcare facilities for use in monitoring patients, but also for healthcare insurance and patient record keeping.
To start, healthcare professionals spend a lot of time on patient identification, record keeping and retrieval of patient records. These processes can be streamlined with biometric authentication as a single facial scan can pull up all related patient data, saving valuable time that can be spent providing care and treatment to other patients.
Furthermore, emergency patients are often unconscious and cannot produce an ID or answer critical questions like drug-related allergies or current medications. Traditional patient tagging is full of vulnerabilities and a simple error can lead to loss of life, therefore keeping this process free from flaws becomes mandatory. Biometric identification can help achieve this level of accuracy in patient identification.
A hospital has many areas where only doctors and staff should enter. Biometrics can help prevent unauthorized access to critical areas such as operating rooms or PCs that contain confidential patient records.
Key use cases for healthcare facilities:
· Patient access control
· Patient identification
· Patient tagging
· Workforce management
· Healthcare insurance
· Patient record storage
Government
Biometrics has received increased attention since the terrorist attacks of 11 September 2001 and has intensified over time due to mass shootings and other dangerous happenings around the world. Governments are increasingly turning to biometrics in an attempt to increase security at airports and border crossings, and to produce more secure identity documents. Some governments are even relying on biometric technology to verify voters during government elections.
Moreover, governments deal with a lot of confidential documents that are currently stored in centralized locations and servers. All this confidential data — including biometric data — can be stolen or tampered with if the single location were ever compromised by intruders.
Key use cases for governments:
· National identification programs (i.e. India, United Kingdom)
· Public food distribution systems (i.e. India, Venezuela)
· ePassports (i.e. Canada, United States)
· Voters’ enrollment (i.e. Brazil, Portugal)
· Border control (i.e. Canada, United States)
· Prisons and detention centers (i.e. United States, United Kingdom)
