Imageware to Add Biometrics to Blockchain Powered Self Sovereign Identity (SSI)
- Imageware is the First Provider to Include Biometrics in SSI -
SAN DIEGO, Oct. 4, 2021 /PRNewswire/ -- Imageware® (OTCQB: IWSY) ("Imageware" or "the Company"), a leader and pioneer in biometric identification and authentication, announced today that it is entering the Self Sovereign Identity market with the first biometrically enabled solution.
With the world inundated with hacking, ransomware, and other cybersecurity threats, SSI will become the predominant solution to protect and control identities. Adding biometric protection to the identity block chain provides the final layer of protection individuals need to have confidence their data is secure in their digital wallets and only accessible to them.
Blockchain technology is prolific and has many use cases, such as currency and supply chain. We believe blockchain for identity is as big as the internet and Cloud computing. It will allow a person to manage their own private details and give out credentials as they wish. Removing the storage of credentials, which have become honey pots for hackers, is powerful. This mitigates liability for companies who own the identities.
SSI was born out of the Department of Homeland Security and will be the wave of the future as it emerges from standards bodies now and becomes commercialized. SSI enables individual identity holders to fully manage their verifiable credentials without interference from an intermediary or centralized identity provider, giving them complete control over how their personal data is shared and used. Today, internet identities are rooted in accounts which are controlled by an intermediary. These digital relationships expose consumers to added risk of their private information being breached due to a single point of failure within each system.
By adding biometrics into SSI, companies can instantly and more accurately protect and verify a person's identity in everyday situations, such as banking, healthcare, travel, entertainment, government, and more.
As a part of the overall effort to expedite current initiatives and expand applications surrounding the development of SSI-based biometric solutions, Imageware has joined both the Decentralized Identity Foundation ("DIF") and Trust Over IP Foundation, leading standards organizations for decentralized identity.
"We believe the greatest need in the Blockchain is identity management, where so much fraud occurs due to the sheer number of centralized data repositories that are hacked daily. It will be much safer and more efficient to electronically authorize what information you wish to turn over to an entity, such as your medical history to a doctor, your age at a bar, your name and address at the airport, etc. By adding biometric authentication to your Blockchain identity, you can guarantee that you, and only you, have control over your private data. We're focused on building solutions that address this currently unmet need in an innovative way and drive revenues for Imageware," said President and CEO, Kristin Taylor.
"As individual safety and privacy concerns become more prevalent in our daily lives, it's vital that we have better, more decentralized methods of giving individuals autonomy over their identities. By joining the Decentralized Identity Foundation and Trust Over IP groups, we'll be able to leverage their network and resources in our efforts to further develop a portfolio of SSI integrated biometric solutions."
For more information on Imageware's SSI strategy, click here.
Imageware identifies, verifies and authenticates who people are, not just what keys and codes they have. Our Cloud-based, multimodal biometric solutions provide faster, accurate identification to better secure communities, data and assets. Imageware solutions are trusted globally by government agencies, law enforcement and private enterprises. Imageware: Identity with Biometric Certainty.
For more information, please visit www.imageware.io.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if," "should" and "will" and similar expressions as they relate to Imageware are intended to identify such forward-looking statements. Imageware may from time to time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. Factors that may cause the projections to change or differ may include, but are not limited to, the ability to of the Company to continue to grow revenue, the ability to decrease operating expenses and continue to grow profit margins, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs. For a discussion of additional risks and uncertainties, see "Risk Factors" in Imageware's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Brian M. Prenoveau, CFA
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SOURCE ImageWare Systems, Inc.
Company Codes: OTC-PINK:IWSY, OTC-QB:IWSY
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