May 3, 2017, Kazan, Russia – BitCAD, a cryptographic smart platform, has announced its development of a decentralized blockchain-based system for biometric identification of users.
Biometric Verification relates to the identification of an individual through the evaluation of distinguishing biological traits. Unique identifiers include fingerprint analysis, hand geometry, voice waves, iris or retina scans, DNA and signatures.
Iris-pattern and retina-pattern authentication methods are already employed in some bank automatic teller machines. Voice waveform recognition methods have also been used for many years in telephone wiretaps and are both now being employed to access proprietary databanks in research facilities.
While such systems have found their application in the past, they use centralized servers, which constitutes a serious vulnerability. BitCAD’s solution, on the other hand, offers decentralized storage of sensitive data to ensure greater security and convenience.
BitCAD founder and CEO Vladislav Mitrofanov stated,
“Our computation methods use less resources, while location and determination of your ID data is fast and precise.”
The technology offers operation speed comparable to that of centralized solutions for biometric identification like Fujitsu PalmSecure while ensuring an accuracy of 99.99999 percent.
The device is as small as the Ledger Nano hardware wallet and employs facial recognition techniques, classic fingerprint scans, iris scans and infrared analysis ofveins pattern to identify the user. The entire database of biometric data is then stored in a decentralized manner and remains accessible only to the owner. In order to enhance the security even further, data encryption uses quantum cryptography methods.
The technology may enhance the protection of cold wallets from unauthorized access, make work-time control more efficient, and provide another security level to areas and locations with restricted access.
Currently, the solution prototype is being tested in partnership with technological universities, businesses and law firms. BitCAD has signed a contract with the Federal University of Kazan to launch a collaborative lab and use the facility’s supercomputer.
Aside from biometric identification, BitCAD also develops a universal operating system that features the following:
- a constructor for smart contracts, business processes, and decentralized autonomous organizations
- a formal language for legal documents reflecting relevant semantics and execution requirements
- fast and reliable peer-to-peer transactions
- smart oracles
- asset management
- online banking, internet accountancy, and a CRM system.
Another option offered by the platform is so-called electronic arbitration, meaning that any disputes that may arise out of a contract are settled in electronic form on the platform under the jurisdiction acknowledged by the parties and by mutually agreed arbitrators.
Christina Fedulova, the legal expert at BitCAD said,
“Electronic justice is a fast and reliable way to settle disputes between platform members or third parties that had concluded a smart contract elsewhere, or even signed a classic written agreement. It makes feigning proofs impossible while offering freedom in choosing judges of various legal systems. This is the future of dispute settlement.”
Vladislav Mitrofanov added:
“This might be a reboot of the global judicial system. Electronic settlement of disputes may be the cure for a thousand years of cumbersome jurisprudence. Smart contracts can find the weak spots and tackle the problems of jurisdiction boundaries.”
In order to back the development of said products, BitCAD will run a fundraising campaign from May 4th, 2017 to June 4th, 2017 with 51 per cent of the entire token supply distributed over the crowdsale. Further details as to the ICO are available at the project’s official blog.
About BitCAD
Based out of Kazan, Russia, BitCAD is a unified operating system for the management, design, and analysis of businesses over blockchain. The platform provides a smart contracts-backed single window for organizations to conduct their everyday operations.
Visit BitCAD Here – http://bitcad.me/
Download Project Whitepaper here – http://bitcad.io/BitCAD.pdf
BitCAD Crowdsale details Here – https://blog.bitcad.io/bitcad-crowdsale-details-cc45a9f320fa
BitCAD Bitcointalk Thread Here – https://bitcointalk.org/index.php?topic=1865997.0
Media Contact
Contact Name: Vlad Mitrofanov
Contact Email: [email protected]
Location: Kazan, Russia
BitCAD is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
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