Bank cards have long been the tangible symbol of our interactions with the financial system. However, in the age of rapid-paced digitalization, traditional bank cards have become obsolete, no longer meeting the growing expectations of users. People are now demanding smarter, more secure solutions that are better adapted to their modern lifestyles.
Contactless payments and virtual cards are revolutionizing the way we carry out our financial transactions. Driven by artificial intelligence and blockchain, these developments open up infinite prospects. In particular, payment via palm recognition stands out by offering a simple, contactless experience. Several attempts are currently under way in this field.
Biometrics have long been considered an efficient solution, but the current risks associated with immutable biometric databases are extensive. These risks are rightly rejected by many organizations concerned about data protection and their users. As demonstrated by the figures from #cloudwards.net on identity and private data theft, many citizens are concerned by this reality, even for their children, and this trend is rising.
Another risk, rightly denounced as well, relates to the tracking and tracing of many aspects of peoples' lives and free choices, especially when the tracking is done by commercial companies. Europe is particularly concerned about these new technologies, which attack the very foundations of government or other types of identification.
The integration of Veintree's innovative technology within authentication systems disrupts the transactional experience, as the Veintree system replaces conventional biometrics, without the need for any personal data.
By adopting a revolutionary approach to securing authentication data during enrolment, Veintree’s technology creates mathematical digital locks which are specific and anonymous, and which offer several levels of unassailable protection. Even if the mathematical functions of a site were compromised, hackers are unable to exploit them, and above all, unable to use them on other sites.
To unlock these digital locks, only the body part initially used to create the lock (for example, the hand) can act as the cryptographic key. Each cryptographic key is unique, because its parameters are changed with every use, while remaining compatible with the digital lock; any attempt to use a previous ley is thereby useless. Inspired by biometrics but without its risks and constraints, Veintree’s authentication technology is based entirely on mathematical principles.
No more need for bank cards linked to biometric databases to make a payment: all you have to do is hold out your hand, with no risk of personal data loss or theft.