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HYPR Announces $3M Funding Round for Biometric Security Products

Source: bitcoin

HYPR blockchain

HYPR, an encryption-specific solution to enable secure biometric login authentication, announced on Tuesday that it has secured $3 million USD in funding from RTP Ventures, Boldstart Ventures and Mesh Ventures.

Also read: Only Permissioned Blockchaines Can Transform Finance, Says Chain’s Ludwin

This announcement, coupled with an ever-increasing roster of multi-national customers in the banking industry and beyond, underscores the fact that biometric authentication is a key realm for advancement in login security, person-ability, and user control in securing biometric data.

Speaking to the excitement of the partnership, Ed Sim, managing partner and founder at Boldstart Ventures, said that “There is no bigger opportunity in security right now than to replace every password with biometrics.

HYPR said its platform approach is the best way to make that happen, as it allows financial, IoT and enterprise customers to easily integrate into existing architectures, deploy any biometric to its customer base and scale infinitely.

HYPR Says Major Businesses Are Interested in Biometric Security

George Avetisov

HYPR’s announcement signals an increased imperative to implement biometric authentication solutions within Fortune 500 enterprises.

In order to scale biometric authentication across millions of users, HYPR provides a multi-faceted tool to secure biometric data secured using a hashing algorithm that stores a hash of one’s biometric data locally on a user’s device, rather than a fingerprint or eye scan itself.

According to HYPR CEO George Avetisov, the initiative started with the core question of whether or not biometric authentication could live under a decentralized model.

To actualize this vision, HYPR created a secure, password-less experience through allowing users and customers to choose a combination of biometric data to be required at login, ranging from fingerprint, to voice, face and eye recognition. This new type of data architecture for biometric authentication aims to advance management of biometric information while implementing a secure, user-controlled login.

Particularly given the globally heightened risk from data breaches across industries, institutional players are growing interested in ensuring one-to-one, biometric-based logins. HYPR continues to run towards its mission by using new funds for rapid expansion of its security and engineering talent base.

In the face of hacking, requiring a biometric layer leverages cryptography to hedge logins against purely digital authenticators to physical-digital ones. As a result, a particular human needs to enter their own biometric information, in turn reducing risk for authentication-targeted hacks.

In the future, it is even possible that cryptographically-secured biometric information will be used in internet of things (IoT) applications, such as authentication for opening a car door or hotel room.

As smart contracts turn from theory to reality, look for unique biometric triggers to set off a multitude of functions by autonomous players. For now, with early adopters of bank to bank interaction, commercial banking login, and health industry players, HYPR has demonstrated that a demand exists for distributed biometric authentication technology.

What do you think of the HYPR fundraising round? What does the future hold in store for biometric authentication? Share your thoughts in the comments below!


Images courtesy of Bitcoinist.

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HYPR Announces M Funding Round for Biometric Security Products

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The Future of IoT: Blockchain Biometrics with HYPR

Source: bitcoin

HYPR blockchain

Biometrics is a new and effective trend in the security industry. HYPR deploys biometrics in financial applications, but also adds the benefits of decentralized technology to enable enterprises to eliminate passwords and replace them with biometrics.

Also read: Technical Analysis: Weekend Bitcoin Price Drop Explained

HYPR: Biometrics Decentralized

The blockchain biometrics firm, which has worked with Fortune 500 and Global 2000 firms on proof-of-concepts,

Rather than storing fingerprints, facial features, iris images, or voice patterns, an end user’s biometric signature is encrypted and stored on-device in a decentralized manner.

“So while today a large financial institution might warehouse passwords for users of their consumer-facing mobile app, with HYPR our partners do not store passwords or biometrics—this information is distributed across thousands or millions of mobile or desktop devices,” George Avetisov, CEO HYPR Corp, told Bitcoinist. “They are accessed on-device through compliant sensors that safely validate identity in response to a cryptographic challenge. A bank or other enterprise would not hold them.”

The most familiar protocol HYPR supports for working with biometrics are those by  Fast ID Online (FIDO) Alliance, a non-profit dedicated to changing the nature of online authentication: “Something that blockchain boosters should learn more about,” Avetisov notes.

Hypr is working to biometrically secure blockchain-centric use cases like cryptocurrencies, digital identities, and private keys through its partnership with BitGo, a Silicon Valley bank.

Besides the underlying Elliptic Curve Cryptography that is common to both HYPR Biometric tokenization and the Bitcoin protocol, another parallel between HYPR decentralized biometrics and the blockchain is the common use of hardware (TPM) to as a private key-store.

Biometrics and the IoT already play a key role as we see it and as we are deploying it,” Avetisov said. “The IoT will only succeed if the convenience of a connected setting matches that of our analog environment. If there’s a need to present a password on a mobile device to log into IoT systems, we’re already putting a barrier between the user and his or her home or automobile.”

Top security for entry into systems must also be a feature of an IoT lifestyle. “Not only are passwords insecure, or strong passwords a horrible experience on mobile, or two-factor authentication a usability nightmare for IoT,” Avetisov said. “They don’t provide the security required for our connected life to be as safe as our analog. Far from it: IoT systems introduce or exacerbate vulnerabilities because hacking homes, cars, physical access at critical infrastructure and so on can put us in danger on a moment’s notice.”

HYPR expects that by 2017 millions of users in verticals like financial services, healthcare, and the IoT will log into their systems securely with the unequaled user experience that biometrics provides.

“So the real revolution here is in user experience but also the underlying security, and we shouldn’t overlook the fact that it is the secure, privacy-preserving nature of today’s biometrics that provides that usability in the first place,” Avetisov said.

Blockchain technology is widely heralded as being a potential means for proving ownership of IoT devices±and biometric tokenization is coming up as a strong method for securing ownership to those devices.

At HYPR concern would be about where the data are stored because whether health-related, strategic, or just based on privacy we never want a wholesale breach of it simply because it’s stored in an application whose security is insecure due to it being password-based.

What do you think of decentralized biometrics? Let us know in the comments below!


Images courtesy of HYPR. 

The post The Future of IoT: Blockchain Biometrics with HYPR appeared first on Bitcoinist.net.

The Future of IoT: Blockchain Biometrics with HYPR

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