The platform decentralizes the storage of encrypted biometric data so that it can be used safely in lieu of alphanumeric passwords. Reliance on this type of data, i.e. fingerprint, facial and voice recognition, has become increasingly popular, especially following numerous data breaches in 2016 that involved compromised passwords.
The company also works with IoT system makers including connected car, connected home, and smart lock manufacturers. Their next frontier for deploying a secure biometric user experience is retail, an industry that struggles to maintain consumer trust in the age of connected devices.
George Avetisov, CEO and Co-Founder of HYPR said for Planet Biometrics that “The future of retail lies in a biometric shopping experience, and HYPR is working to secure that future. Issues of data privacy have come to the forefront in our connected world, and passwords are no longer offering consumers sufficient protection”.
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