Good News For IOTA As Tangle Gets Set To Power IAMPASS Biometric Authentication

As you probably already know, IOTA is one of the third generation blockchains with numerous applications and use cases. The IOTA Foundation has been working hard to ensure the development of its permissionless and distributed ledger technology (DLT). The platform intends do revolutionize the cryptocurrency industry with its blockless technology – Tangle. Yesterday, the IOTA foundation announced that Tangle will now be used to power a biometric authentication system. The system verifies a person’s identity by scanning the pattern of the palm vein. The Proof of Concept as shown by IAMPASS is another solid milestone for IOTA.

IOTA Tangle To Change The Game For IAMPASS

Since traditional centralized identity service providers are falling short when it comes to offering security for the ever growing user-base, enterprises are now looking for faster and more effective ways to meet these needs. Bio-identity is an innovative alternative that these industry leaders now bank on. What’s more, the decentralized technology that Tangle provides enables fast, secure and reliable verification of digital identity. This new system isn’t just faster but it is more cost effective than the traditional method of verification. Third party security agencies will be cut off thus saving the cost of fees.

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IOTA (MIOTA) Price Today – MIOTA / USD

Name Price24H (%)
Bitcoin (BTC)
$5,663.38
-1.71%
IOTA (MIOTA)
$0.423879
1.02%

Through biometric technology, IAMPASS scans the veins in an individual’s hands and generates a unique identity with the information. This allows easy verification and authentication. This technology provides a high-tech solution for creating immutable audit trials in secure environments. It uses a Masked Authenticated Messaging system to stream data from various access points. It has several use cases including smart car charging, facility access points, asset management and other identity-dependent services.

According to the co-chair and co-founder of the IOTA Foundation Dominik Schiener:

“DLT is becoming a key aspect of transformative digitalization and smart city initiatives especially regarding security and data management. The IOTA Tangle technology makes it the perfect option for the new generation of personal data management and digital identity in connected environments. We believe that this partnership will be mutually beneficial and it will bring about a new era in digital identity management.”

This announcement is just one of the numerous milestones IOTA has been crossing in recent times. The smart city project IOTA has been working on worldwide is getting green lights from the European commission. IOTA is taking the lead in providing services for the internet of things because it isn’t just a hub for innovation but it is also feeless and scalable. Both scalability and fees are two factors that have always determined rate of adoption in the cryptocurrency industry. They are especially important in the identity authentication industry. IOTA Tangle based on Masked Authenticated Messaging (MAM) and Directed Acyclic Graph (DAG) is set to provide solutions to many real-world problems.

IOTA (MIOTA) Price Today

At the time of writing, IOTA (MIOTA) was trading red against the USD at $0.502596. This shows that it is down by 1.41%. Against Bitcoin, IOTA is down by 0.03% according to the data on CoinMarketCapital. The 24 hour trading volume is $17,776,006 and the market capitalization is $1,396,980,302.

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