Worldcoin Plans to Share Iris Technology With Third-Party Players

Ever since its launch last month, the Worldcoin project is shifting quick gears to expand its global footprint. As part of this mission, Worlcoin has decided to share its iris-scanning technology to third parties for them to build their digital ID systems.

The Worldcoin Foundation has also promised to follow data protection laws and work with authorities to address privacy concerns. They plan to offer a digital identity system that allows businesses to use their technology without collecting personal data. For example, a coffee shop could use Worldcoin’s system to ensure each person claims only one free coffee.

The Worldcoin has also faced a backlash in some parts of the world for its “iris-scanning” technology to create digital IDs. However, worldcoin has shrugged off these concerns stating that their technology does more good, than bad.

Worldcoin Making A Move In Europe

Ricardo Macieira, the General Manager for Europe at Tools For Humanity, talked about their goal of creating a large financial and identity community through Worldcoin. They received a significant funding round of $115 million in May from investors like Blockchain Capital, a16z crypto, Bain Capital Crypto, and Distributed Global.

Macieira also mentioned that Worldcoin will expand its operations to Europe, Latin America, Africa, and other accepting regions. The company’s website lists various potential uses, like distinguishing humans from artificial intelligence and aiding “global democratic processes.” They even suggest a “potential path” to universal basic income, although it’s not guaranteed. Note that the Worldcoin project is already facing major investigations in the Europe.

Macieira clarified that while they aim to support universal basic income, their main focus is to build the infrastructure so that governments or other entities can implement such programs. “The idea is that as we build this infrastructure and that we allow other third parties to use the technology,” told Macieira, to Reuters.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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