2024-05-16
On May 15, 2024, the Worldcoin
Foundation has announced a significant advancement in the realm of
cryptocurrency security by introducing a novel Secure Multi-Party Computation
(SMPC) system.
This cutting-edge system is designed to
enhance the protection of biometric data, where identity verification is a very
important component in the digital era.
By open-sourcing this technology,
Worldcoin has set a new precedent for data security, allowing other
organizations to benefit from this development.
The SMPC system operates by encrypting
iris codes into secret shares that are distributed among multiple parties,
ensuring that no single party has access to the complete data, thereby
safeguarding individual privacy.
This method not only fortifies the
security of biometric data but also aligns with the increasing need for robust
data protection measures as the frequency and impact of data breaches continue
to rise.
The open-source nature of Worldcoin's
SMPC system represents a significant step towards a more secure and
privacy-conscious future in biometric data handling.
Identity verification is important in the digital era and Secure Multi-Party Computation (SMPC)
system will increase user privacy.
