Blockchain + Biometrics = BIOFI
Not long ago, one of the greatest concerns of those using personal computers (or PCs) to access the internet was the potential for picking up a computer virus. The day before I presented my master’s thesis, my computer came down with the wazoo virus and I spent the entire night before one of the most important moments of my life manually deleting the word “wazoo” from my thesis. Super annoying? Yes. Life altering? No, not really.
Fast forward to the 21st century and here we are with hackers disrupting supply chains, interfering in politics, filing fraudulent unemployment claims, fraudulent insurance claims, “bombing” Zoom meetings, holding us hostage with ransomware, using bots to influence opinions – and stealing data about all of us that was supposed to be private. Did we not see this coming?
I recall being skeptical about whether I was inviting thieves into my life when I first started using the internet – especially after the “wazoo” situation. But a few years in and I was using social media, paying bills online, and, eventually, applying for a home loan online. I even had a few doctor’s appointments online during the pandemic, and I signed up to be able to view my medical records online - which probably contain 10 times more personal data about me than my home loan application. In other words, pretty much everything there is to know about me is available to hackers online. And I have been hacked a handful of times. Most recently, someone applied for unemployment benefits using my name, social security number, bank account number and address. This whole experience made me realize how critical it is to have a way to completely secure private and personal information.
I like using the internet and it would be difficult to go back to life without it. But what can be done to stop hackers? Is it up to the individual? Is it up to the companies with whom we do business? Is it our government’s responsibility? How do we fix all of this?
Could the answer be in leveraging our own unique biometrics along with decentralized blockchain technology?
Blockchain technology has been around long enough that many have at least heard the word and may have even wondered how it actually works. Words like “blockchain” and “cryptocurrency” frequently show up together in the same paragraph, if not in the same sentence, and in many articles regarding investing. We also hear about Bitcoin, with its mysterious origins - and although many of us do not understand what it actually is (or what it does or how it works), we certainly regret not buying it when it was less than $100 per Bitcoin token!
At the present time, there are thousands of cryptocurrencies that anyone can purchase. Obviously, everyone hopes to find the next Bitcoin; but it is important to know that not all cryptocurrencies will mature into high value assets. Some are mostly useless, without any real meaning, and will eventually cease to exist. Those that have the best chances for substantial growth in value are, most of the time, going to be closely connected with companies utilizing blockchain technology to solve problems – for example, the chaos caused by hackers. Finnovant is one such company.
Finnovant is quickly emerging as a leader in the use of blockchain technology along with biometrics to ensure the safety, privacy, and integrity of online transactions. Finnovant, in partnership with Governor DAO ($GDAO), is set to launch its cryptocurrency $BIOFI (Biometric-Finance) on August 1st, 2021. Finnovant’s goal is to create a high value ecosystem where individuals and businesses can hold or exchange $BIOFI for financial solutions that have been brought to the blockchain and secured by biometrics. I will be following Finnovant’s journey and keeping you posted on “all things $BIOFI” leading up to its launch date, so stay tuned!
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