Eddie Ponce, CCO at TradeZero Crypto, explains how biometrics plays a vital component in identity verification across the blockchain.
“The blockchain basically allows people to trust but validate to demonstrate ownership, to demonstrate identity.
One of the problems right now is that, you know, we’re highly dependent on a centralized group. There’s a way to go ahead and be less dependent, or hopefully, with web three, non-dependent at all with a human-centralized entity. And that’s the blockchain through cryptographic blockchains that allow people in an open ledger technology to conduct these things in a way that no matter where you are in the globe, you can go ahead and validate if your identity is your identity. If the transaction that you conducted truly belongs to you.
It really is the future of our ability through the globe, to give security and financial access to everybody.
You have banks in the form of Neo banks, that are doing an incredible job to change their business model, and basically, modify the middleman, minimize the inherent costs and transactions speed up, make it more of a real-time transaction feel for individuals from an investment purchase perspective to go and ultimately benefit the individual. And while that may not seem that may increase the comfort level in major countries that are, you know, Western countries, the US, the UK, etc., anyone in the EEA.
The real benefit is to go ahead and bring that stability, and benefit, and access to second and third-world countries. That in and of itself is going to arguably raise the access and the Global Wealth structure of millions of people throughout the globe.
One of the inherent benefits of crypto wallets is real-time nature. A counter to that, though, is if you mistakenly execute a transaction, it’s irreversible. Because of the absolute nature of that transaction, you must be sure that the amount and the point of destination is truly what you desire.
Nothing is more secure than your biometric component it has to effectively and yet seamlessly be a process of the validation and verification tool you use to execute a transaction in your crypto wallet across the blockchain.”
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