Biometrids ICO Review: Unique Blockchain ID Recognition

What is Biometrids?

biometrids ico reviewBiometrids allows people to request or identify themselves through face recognition services that are built into their phones. The identifying data is placed in Ethereum’s blockchains that acts like an immutable distributed ledger. Every ID belongs to one user as their face is linked to that ID. If your ID is on the chain, then you’re unable to copy or manipulate that ID.

Simply, Biometrids is a facial recognition technology that’s built using smart contracts and blockchain. The token sale happened recently, although the project’s main development isn’t planned to begin until mid-2018.

Aspects

  • Car Rentals: Biometrids gives a quick ID verifications for car rentals. Car rental companies don’t have to worry about credit, customer driving records, or frauds. Through a simple facial scan, the companies can verify your identity and require necessary documents. When combined with Slock.it locking solutions, Biometrids will create a change in the car rental industry.
  • Static ID: Biometrid’s main application is its powerful identification method that’s unable to be manipulated. When using Biometrids, users can become blacklisted if their identities are used for causing fraudulent activity or scam in a transaction. With Biometrids’ static ID, you can ensure that the other party in the transactions hasn’t been reported.
  • Package Security: Biometrids stops package theft. The courier cross-checks the identity that’s used in the purchase of the individual receiving the package. If there is a deviation in the package, it won’t be delivered. After that, the mailman scans the individual’s face to ensure that the package was given to the right recipient.
  • Honest: With the increasing rate of ICOs, security and safety is very important. In order to prevent manipulation and fraud, having the unique identities of each participant is important. Biometrids will create an interactive and responsible coin offering. All advisors and team of any ICO must state their identity and take full responsibility if their ICO fails.

What Issue Does it Solve?

Biometrids has a major problem with identity authentication services that are used by public companies. Recently, companies suffer data breaches due to their centralized systems having poor user authentication. As a result, companies lost billions of dollars because of unauthorized access.

In the whitepaper, Biometrids states that large companies such as Equifax, Yahoo, Blue Cross, eBay, JP Morgan Chase, Equifax are known for having data leaks. Since the data is off the blockchain, it’s easier to manipulate and take advantage of.

Biometrid’s solution is to use blockchain technology to help with gauging identity and protecting the data as well. Through their project, they aim to make it easier for users to get their ID’s checked while preventing data breaches from occurring.

Token Sale Information

Disclaimer: Everything stated in this post is for informational purposes only. Invest only after researching your ICO and do so at your own risk.

Positives
  • Identification: With blockchain technology, Biometrids gives users the ability to view their ID and be verified within seconds.
  • Company Usage: Companies can use Biometrids to help gauge if their employees are legitimate and reputable. Since everyone has a unique ID, its impossible for fraudulent users to get involved.

Negatives
  • ID Authenticity: How will the system know if an ID is fake or not? What if the system makes mistakes in this manner.
  • MVP: We want to see a product form of this ICO. It doesn’t have one, and it would help increase their overall credibility.

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Jeremy Cole has been a crypto enthusiast for years. First getting involved in Bitcoin mining in late 2010, he has now diversified his portfolio and dug deeper into the alternative coins of the space. As new and exciting ideas arise in cryptocurrency, Jeremy is always looking for the next big thing and a coin which not only appreciates in value but also has a steady increase in use and demand. Jeremy has seen the rise of coins such as Ethereum and by studying the technical and fundamental side of ETH, he has learnt how to find similar coins that are likely to have a bright future.

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