Blockchain Revolutionizes Biometric Data Security, Says Privado ID Founder

Blockchain Fixes Misuse of Biometric Data — Privado ID Founder

Evin McMullen, co-founder of the decentralized identity project Privado ID, discussed with Cointelegraph how blockchain technology can address the misuse of biometric data. According to McMullen, traditional tech companies often expose user data to multiple third parties through a complex supply chain. By using zero-knowledge proofs and blockchain keys, users can control access to their biometric information more securely.

The economic burden on businesses storing such sensitive data is significant due to cybersecurity risks and regulatory compliance requirements like GDPR. Decentralized blockchains offer an alternative by reducing centralized points of failure that are vulnerable to attacks. Moreover, there’s concern over potential human rights abuses if centralized databases fall into malicious hands.

Stablecoins, Payments and Court Battles Define This Week in Web3

This week in Web3 has been marked by developments around stablecoins as well as ongoing legal battles involving major crypto firms according to PYMNTS.com. Coinbase announced it might delist non-compliant stablecoins under new European regulations, while PayPal completed its first business payment using its own stablecoin PYUSD.

In parallel, legal showdowns continue; Ripple prepares for further litigation against the SEC regarding XRP sales classifications, whereas Crypto.com challenges SEC's authority over cryptocurrency regulation. Meanwhile, FTX creditors stand poised for recovery following bankruptcy proceedings approval granting them substantial claims returns.

Cryptoweb3 Debuts at Global Blockchain Summit Winning 'Most Promising Exchange' Award

The digital currency trading platform Cryptoweb3 was recognized at the Global Blockchain Summit with the "Most Promising Exchange of The Year" award, reports Markets Insider. Known for technological innovation combined with rigorous compliance management systems, they have rapidly gained industry prominence across Europe, supporting secure transactions globally via advanced blockchain technologies including smart contracts, ensuring transparency throughout processes involved, enhancing the overall user experience significantly.

The award acceptance speech emphasized continued commitment towards providing safer, transparent, efficient services worldwide whilst expanding influence, attracting investors, and institutional clients alike. Future plans involve increased investments in emerging markets, launching innovative financial products that bridge the gap between cryptocurrencies and traditional finance sectors effectively, promoting healthy development within the broader ecosystem.

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