Providence Develops Decentralized Biometric Keys for Contracts Trustless System
The team behind Ripple-based cryptographic protocol Providence announced the launch of the Pledger Club, a method of storing biometric keys in the form of signatures or symbols drawn by the user.
By allowing each user to create unique signatures attached to each account, the Pledger Club will establish a trustless system on which to create legal agreements, contracts, or pledges.
Jared Mimms commented
A pledger may graphically sign with mouse or finger, then cryptographically sign the resulting image with a secure cryptocurrency wallet, storing the signature in the decentralized, open-access ledger in one action. Eternal signatures cryptographically signed in the ledger by every pledger’s secure cryptocurrency wallet encompass the first legal protectorate of individual independent enterprise. Pledge on!
Global investment in biometric security will grow to $16.7 billion by 2019, according to market research.
The Pledger Club is a financial tech venture that combines the cryptographic protocol and biometric keys. Moreover, the Providence team is using biometric signatures as the core of their economic ecosystem.
Written signatures are behavioral biometrics that are not necessarily full proof but Mimms addressed this isssue with AllCoinsNews:
Right now we have a physical signature enabled that concatenated with date and pledge is signed by a cryptographic address, linking the signature to a financial profile. I also have a DNA implementation out of my other venture Omega Genomics that is not quite mass marketable yet.
Providence has publicly declared their intentions with their mission statement and business plan. They plan to develop five different fintech components – a currency exchange, stock exchange, social rating system, peer-to-peer insurance platform, and contract credit application.