IOTA is a not-for-profit organization on a mission to develop and standardize the blockchain’s involvement with the growing Internet of Things (IoT). This has led to the conception of the IOTA Tangle, which is a distributed ledger technology (DLT) designed specifically for IoT applications and environments.

Although the name IOTA refers to extremely small amounts, their team is working to build the components necessary for entire cities to operate within a technological mesh. The system they’re currently building uses an open-source protocol that allows interactions between machines, secures and facilitates data transfer, and provides instant and fee-less payments.

Without human interaction, there would be no cities. This means there will need to be secure, convenient ways for humans to access and operate the interconnected machinery that surrounds them.

Tangle Powers Palm Scanners

A recent announcement published on the IOTA blog revealed that Tangle will be used to power a “new biometric authentication system” that’s able to identify an individual by the pattern of their palm veins.

The company behind the palm reader is IAMPASS, which is a Singaporean tech company founded by a team of innovators looking to create decentralized, tangible products that anyone can use.

The diagram below shows the benefits of IAMPASS’s approach. Instead of relaying your personal, sensitive information to a variety of centralized institutions — who sometimes sell it to unknown entities for a profit — your information would be stored securely using the Tangle DLT.

After your palm print has been scanned, a unique blockchain identity is created, and you could then share access to your data with approved parties easily by scanning your palm.

For the latest cryptocurrency news, join our Telegram!

Read the Full Article

You want the latest news about Crypto? Sign up to our weekly Newsletter!