Concordium jointly works with Hitachi Solutions the Proof of Technology of Wallet Recovery using Hitachi's Public Biometric Infrastructure Technology
Tuesday 12th December, 2023 - Switzerland - Concordium Foundation is excited to announce our joint collaboration with Hitachi Solutions, Ltd., supported by our cooperative efforts with Hitachi, Ltd. to conduct the proof of technology on Concordium blockchain aiming to build a Web3 wallet using biometric electronic signatures to improve usability. This groundbreaking project will greatly enhance user convenience and reduce the risk of self-management of the seed phrase required to easily recover lost wallets.
Zero-knowledge proof-based and self-sovereign identity framework on Concordium blockchain integrating into smartphones and other mobile devices aims to provide identification verified by a third party and can be used in all types of Internet-based applications without having to reveal sensitive data (users’ information) that users are the sole owner of their identity and personal data.
Hitachi's Public Biometric Infrastructure (PBI) platform is a new public key authentication platform that combines biometric authentication technology and PKI digital signature technology. Since biometric information itself is not stored, it prevents misuse and impersonation of biometric information due to information leakage*.
This proof of technology will explore the possibility of having a seed phrase generated when a wallet is created, triggered by a PBI, using only biometrics when restoring the wallet, and operating without storing the seed phrase anywhere under users’ management. This eliminates the risk of memorizing or storing the seed phrase or even losing the seed phrase, thereby improving the convenience of the wallet. This technology research and demonstration will protect the next generation of Internet users and their digital wallets, removing barriers to the large-scale adoption of cryptocurrencies.
Mr. Kenji Ikeda - General Manager
Security Products & Services Division, Security Solutions Business Division Hitachi Solutions, Ltd.
”At Hitachi Solutions, we are engaged in developing products and services utilizing PBI, and we are honored to participate in the technical demonstration using the Concordium blockchain. For blockchain to be widely used and established as a social infrastructure, ensuring the security of seed phrases is crucial. We believe that by verifying the use of PBI technology, the robustness of the Concordium blockchain will be enhanced. Furthermore, through this demonstration, we expect to advance the realization of the decentralized platform we aspire to create, and also anticipate that it will contribute to the further proliferation of the Concordium blockchain.”
Dr. Kenta Takahashi Ph.D. (Computer Science) - Principal Researcher
Service System Innovation Center, Research and Development Group Hitachi, Ltd.
“We are delighted that we can conduct a Proof of Technology using Concordium’s blockchain and Hitachi’s PBI. PBI is already used for user verification at bank transactions and cashless payments due to its high security and convenience. We hope that secure and convenient self-sovereign identity, the foundation of trust within Web3, and management of crypto assets and NFTs can be realized based on user’s biometric information by integrating PBI into Concordium’s wallet”
"One of the key enablers of large scale blockchain adoption is usability. We are determined to deliver a blockchain and cryptocurrency which is easy and safe to use for the benefit of all people. Biometrics from HITACHI built into the Concordium Wallet will make storing and using your tokens easy and safe," says Lars Seier Christensen, Founder of Concordium.
Concordium's CTO, Nibras Stiebar-Bang explains, "This application enhances personal security. Nowadays, when you log into your online accounts and store all your credentials using Google, Facebook, or other accounts, you lose full control over your account. Blockchain-based self-sovereign identities with Zero Knowledge Proof, such as Concordium's ID framework, allow users to control their identities and sensitive data. When the user signs up for a Concordium account, they undergo an identity verification process by uploading a passport scan and. Once verified, the user receives an ID certificate containing verified personal data, which is then stored on the user's device. Only the ID owner can decide with whom to share the attributes. For example, if you purchase a youth ticket, you may be asked to show your ID to prove your age at the checkout point. The checkout application will connect to Concordium's Wallet and may ask whether the user is above a certain age. The ID owners can then decide whether they want to share the information. You don't need to reveal your gender, nationality, age, social security number, or other sensitive data; the Wallet will simply show the question and only return the answer. Nothing else will be given away."