Biometric data breaches are becoming more widespread as organizations increasingly rely on this information for various purposes, such as access to physical spaces and financial services. In response to this growing concern, the Worldcoin Foundation, the organization behind the Worldcoin iris biometric cryptocurrency project, has announced the open-sourcing of its secure multi-party computation (SMPC) system on May 15.
This new SMPC system is responsible for encrypting iris codes into secret shares held by multiple parties. By doing so, it allows the Worldcoin Foundation to permanently delete iris codes generated through its previous uniqueness-checking system. Remco Bloemen, the head of protocol at Worldcoin Foundation, believes that open-sourcing the SMPC system offers a potential solution for enhancing biometric data security.
One significant advantage of the Worldcoin Foundation’s SMPC approach is its effectiveness against quantum computing. With the global biometric system market expected to grow from $30.77 billion in 2022 to $76.70 billion by 2029, according to a report by Fortune Business Insights, the need for robust and secure biometric data protection measures is only becoming more critical.
Data breaches have shown a significant increase of 20% between 2022 and 2023, with the number of affected individuals doubling, as revealed by research from MIT’s Stuart Madnick. In light of these findings, the Worldcoin Foundation is committed to developing and deploying advanced privacy-focused technologies to improve trust online and enhance access to the global economy. This commitment aligns with Worldcoin’s goal of giving users more control over their data, including options for personal custody and the ability to un-verify their World IDs.
Worldcoin has faced regulatory challenges in the past, particularly in Europe with its GDPR measures, due to its handling of user data. However, the organization has taken steps to demonstrate its willingness to comply with regulations. It made the software of its iris-scanning Orb open-source in March 2024 and introduced a “personal custody” privacy feature for user data. In April, it announced tighter privacy checks and the ability for users to un-verify their World ID.
Despite these challenges, Worldcoin has achieved significant milestones this year. Its active daily user count surpassed one million for its wallet app, and its token WLD experienced a surge of 141%.
In summary, the Worldcoin Foundation’s open-sourcing of its SMPC system marks a significant step towards enhancing biometric data security. With the continuous growth of the global biometric system market and the increasing frequency of data breaches, it is crucial for organizations to prioritize robust data protection measures to safeguard sensitive information.