What I like the most about this project is that with biometric data you can prove your identity all over the world, with the blockchain you can send funds with proven identities both sides included, this is useful for tax administration
yes, that could be really interesting. However, I wonder how they ensure the security of this data. Imagine a hack of the biometric database, that would be the worst thing that can happen
I don't think that's easily done, this is the benefit of cryptocurrency and hype due to it's integrity and security but obviously there is still ways, just minimum risk.
The whole point of oneway hashes is that the amount of work needed to break 1 key is rediculous even for a quantum computer in some cases, to break multiple would be even more beyond reasonable. I've actually had a few seriously ideas about identity based blockchains for not just biometrics but all personal information, the fact is oneway hashes especially if combined with another layer of encryption is insanely secure if developed properly.
People are afraid of a biometric db getting hacked behind oneway keys and encryption, yet give all their biometrics and data to equifax who stored all their data in an unencrypted open unlocked database and continues to do so, many of the things you think of secure from the old days isn't and is just waiting to get broken. Blockchain stands to resolve much of that.
What people fail to realise is that nothing is 100 percent secured and we are very vulnerable we can only prevent this hacks from happening if we are more careful and that ia what 47 bank is trying to do using the biometrics