Biometrics is hands-down better than passwords. The meaning of currency is evolving with each millennia interestingly moving us away from traditional paper money. What is biometric data and why is it fast becoming a highly sought after trade commodity? Not only does biometrics enhance security but it also gives access to key statistical data technology.
What is the meaning of Biometrics?
Biometrics refers to the measurement and statistical analysis of people’s unique physical and behavioural characteristics. Apart from fingerprints, such unique identities include facial recognition, iris recognition as well as voice and typing cadence.
Examples of Biometrics
This unique technological advance that collects our personal data is embedded in our daily lives. From the simplest traditional fingerprint sensor to unlock phones and also, face recognition which identifies uniqueness on facial features including the eyes.
Thirdly voice and typing cadence which identifies undertones in your unique voice and habitual typing movement.
Biometrics: The Future Currency
As more of society moves into the digital space, so is the need to consolidate an information database. Hence this is where the value of biometrics will translate into crucial currency. Why is this so? People are paranoid about security and the need to protect their digital footprints and money! Therefore solidifying the future of biometrics and thus pushing it to imprint itself on all industries: such as medicine, engineering, banking, market research and so forth.
Picture this, since biometrics focus on what makes a human being unique from the other, let’s say there is a consolidated database. Fingerprint, facial recognition, voice undertones and all your unique identifiers. Basically, 80% of your life is imprinted on your phone/gadgets, right? If the world adopts a universal biometric chapter, all your information will be accessible just by running your biometrics and voila, hospitals have your medical history, banks can authorize transfers, Market research can access your consumer preferences and engineers can find you like a needle in a haystack in a crowded place.
Investing in Biometrics
Digital currency is now a reality with the likes of Crypto being used to trade. In the same breath, biometrics is the preferred choice in security as compared to passwords and pins. Mastercard and Relay ventures stand out as some of the companies investing in integrating biometrics into daily lives.
Simply put, biometrics taps into data, then data taps into people, and people equals money.
Of course, standing to benefit from this is the corporate world and tech giant investors. Information is wealth at your disposal and whoever has a database uses it however they like as currency. That is access to voter registration, health management, economic growth.
While digital currencies are the electronic version of notes today, biometrics are increasing financial security amid the ever-increasing cyber terrorism and hacks. Even money launderers and crime syndicates heavily rely on biometrics to safeguard and transact billions of dollars undetected.
Integration is the keyword in the social evolution of economic times. our social construct is wired to demand technological advances of bigger, better faster.