Vision

Worldcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/worldcoins-vision-goes-global-iris-scanning-tech-for-all-amidst-privacy-concerns/">Worldcoin’s Vision Goes Global: Iris-Scanning Tech for All, Amidst Privacy Concerns</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
In an ambitious move, Worldcoin, the company behind the biometric identity project, plans to extend its reach globally and provide access to its iris-scanning and identity-verification technology to other organizations, a senior manager disclosed in an interview with Reuters. 
With over 2.2 million sign-ups, the project has gained significant traction during its trial period over the past two years. However, concerns have been raised by data watchdogs in Britain, France, and Germany regarding the potential misuse of biometric data. 
Worldcoin secured an impressive $115 million in funding from prominent venture capital investors, including Blockchain Capital, a16z Crypto, Bain Capital Crypto, and Distributed Global, in a funding round held in May. 
<h2 id="worldcoin-envisions-expanding-globally" data-name="worldcoin-envisions-expanding-globally" class="wp-block-heading">Worldcoin envisions expanding globally</h2> 
The company envisions expanding its operations to Europe, Latin America, Africa, and other regions that embrace its innovative technology. While the website mentions various potential applications, including enabling “global democratic processes” and offering a “potential path” to universal basic income, these outcomes are not guaranteed. 
Despite the excitement surrounding the project, privacy concerns loom large. Regulators and campaigners question the data collection practices and informed consent of Worldcoin users. The company claims the project is “completely private” and allows users to choose between deleting their biometric data or storing it in encrypted form. 
In response to privacy concerns, Worldcoin asserts that its technology can offer valuable solutions, such as preventing fraudulent claims without compromising personal data. Companies, for example, could utilize Worldcoin’s digital identity system to ensure fairness in promotions, such as offering free coffee at a coffee shop, without compromising customer privacy. 
The project’s data processing has attracted the attention of the Bavarian State Office for Data Protection Supervision, which initiated an investigation in November 2022 due to concerns about the large-scale processing of sensitive data within the European Union’s jurisdiction.

Worldcoin’s Vision Goes Global: Iris-Scanning Tech for All, Amidst Privacy Concerns

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