WorldCoin strengthens security by open-sourcing its biometric data system.

As organizations increasingly rely on biometric data for a variety of applications, from access to physical locations to financial services, the frequency and impact of data breaches will worsen.

In the year On May 15th, the Worldcoin Foundation behind the Worldcoin Iris biometric cryptocurrency project announced that it has launched a Secure Multiparty Computation (SMPC) system.

The new SMCC system, which is responsible for encrypting Iris Codes for secret shares held by multiple parties, will allow the WorldCoin Foundation to permanently delete Iris Codes generated by the previous differential checking system.

Remko Blomen, head of protocol at the WorldCoin Foundation, told Cointelegraph that this development will open up the SMPC system and provide a solution for “improved biometric data security.”

“Through the development and open source of a new Secure Multi-Party Computation (SMPC) system, the Worldcoin Foundation aims to continue to improve the strength of the Worldcoin protocol while also setting new standards for security.”

The WorldCoin Foundation claims that the SMSPC syntax is effective even with quantum computing.

A report released by Fortune Business Insights on April 29 predicted that the global biometric system market will grow from $30.77 billion in 2022 to $76.70 billion in 2029.

Meanwhile, a study from MIT's Stuart Madnick found a significant increase (20%) in data breaches between 2022 and 2023, with the number of people affected doubling.

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Jannick Preiwisch, Data Protection Officer of the Worldcoin Foundation, said the Worldcoin community is committed to developing and deploying advanced privacy-focused technologies to improve online trust and increase access to the global economy.

“The development of this new system demonstrates an unprecedented commitment to further compliance with the EU's General Data Protection Regulation and other data protection systems around the world.

He also said that WorldCoin “meets” the desire to give users more choice and control over where their data goes, including privacy protection and the ability to verify their global identity.

Worldcoin has already found itself in hot water with regulators around the world – and in Europe, especially under GDPR measures – over its handling of user data.

However, he has taken steps to show that he is willing to comply. In the year In March 2024, Iris-Scan made the Orb software open source and implemented a new “Privacy Protection” feature for user data.

A month later, in April, it said it would strengthen privacy checks and allow users to verify their Global ID.

Earlier this year, WorldCoin saw new milestones for its wallet app with over one million active daily users. Its token WLD has seen a 141 percent increase.

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