The Worldcoin Foundation has made its secure multi-party computation (SMPC) system open source to bolster the protection of biometric data. Additionally, they have announced that users now have the capability to securely erase previous iris codes.
As organizations increasingly depend on biometric data for various purposes, such as accessing physical spaces or financial services, the frequency and severity of data breaches are on the rise.
On May 15, the Worldcoin Foundation, the entity behind the Worldcoin iris biometric cryptocurrency project, announced the open-sourcing of its secure multi-party computation (SMPC) system.
This new SMPC system is responsible for encrypting iris codes into secret shares held by multiple parties, allowing the Worldcoin Foundation to permanently erase iris codes generated through its previous uniqueness-checking system.
According to Remco Bloemen, the head of protocol at the Worldcoin Foundation, this move to open-source the SMPC system provides a potential solution for “enhanced biometric data security.”
The Worldcoin Foundation claimed that its SMPC method remains robust even in the face of quantum computing threats.
According to a report by Fortune Business Insights published on April 29th, the worldwide biometric system market is anticipated to expand from $30.77 billion in 2022 to $76.70 billion by 2029.
Research conducted by Stuart Madnick of MIT indicates a substantial increase (20%) in data breaches between 2022 and 2023, accompanied by a doubling in the number of impacted individuals.
Jannick Preiwisch, the data protection officer of the Worldcoin Foundation, emphasized the community’s dedication to advancing privacy-centric technologies to enhance online trust and broaden access to the global economy.
He mentioned that it also “enhances” Worldcoin’s commitment to offering users more autonomy and control over their data, including the option for personal custody and the ability to revoke verification of their World IDs.
Worldcoin had previously faced regulatory scrutiny worldwide, particularly in Europe due to concerns about GDPR compliance regarding its handling of user data. However, it has since demonstrated its willingness to adhere to regulations. In March 2024, it open-sourced the software for its iris-scanning Orb and introduced a new “personal custody” privacy feature for user data. A month later, in April, it announced stricter privacy measures and the option for users to revoke verification of their World IDs.
At the start of this year, Worldcoin achieved significant milestones, with its daily active user count surpassing one million for its wallet app. Additionally, its token WLD experienced a surge of 141%.
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