The Worldcoin Foundation has rolled out a new system called Secure Multi-Party Computation (SMPC) to improve the security of biometric data. This technology is essential as biometric data becomes more prevalent in everyday services and complex security setups.
SMPC works by dividing secrets, making it harder for data breaches to occur. Additionally, Worldcoin assures that SMPC complies with global data protection laws.
Enhancing Data Protection with SMPC Technology
Worldcoin highlights the growing importance of advanced data protection measures. They refer to a forecast by Fortune Business Insights, projecting the biometric system market to reach $76.70 billion by 2029, a significant jump from $30.77 billion in 2022.
Furthermore, research led by MIT Professor Stuart Madnick reveals a concerning trend of data breaches, with incidents increasing by 20% year-over-year and the number of victims doubling.
To combat these challenges, SMPC technology comes into play by splitting a secret into multiple parts shared among different parties. This prevents any single entity from reconstructing the entire secret alone, thereby enhancing security.
Despite its historical resource-intensive nature, limiting widespread use, SMPC remains effective in safeguarding extensive biometric data against various threats, including those from quantum computing.
Advancements in SMPC Technology for Enhanced Data Security
The Worldcoin Foundation, along with TACEO and Tools for Humanity, has unveiled an upgraded version of SMPC to address previous limitations. This enhanced system is capable of handling large data volumes while maintaining robust security measures.
Jannick Preiwisch, the Data Protection Officer at the Worldcoin Foundation, confirms that the new SMPC system complies with the EU General Data Protection Regulation (GDPR) and other global data protection laws. This ensures that data management practices adhere to strict regulatory standards.
With the implementation of the upgraded SMPC system, the Worldcoin Foundation has improved its data management protocols. Old iris codes are now securely encrypted into SMPC shares, ensuring that they cannot be linked to any specific individual.
Despite these advancements, the value of Worldcoin (WLD) is currently at $4.90, showing a slight decline of approximately 3% over the past 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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