Cryptocurrency is a hit all over the world, especially among investors. Crypto exchanges can offer many business opportunities, such as the ability to trade cryptocurrency or other digital assets. With an estimated 11% annual growth rate (CAGR), the cryptocurrency market is expected to grow further from $910m in 2021 to around $1.9billion in 2028.
As the cryptocurrency industry grows, so does the number of fraudulent activities. Chainalysis revealed that illegal transactions involving criminal activity in the crypto market reached $14 billion in 2021. It represents an all-time high amount of stolen funds.
Consumers are increasingly moving away from carrying physical wallets and shifting to digital onboarding. A recent survey by FinTechCompany found that more than twice as many adults between 18 and 34 use mobile payments. With millennials increasingly dominating the workforce, the need for security measures in digital wallets will only increase. As more consumers move toward using digital wallets to pay for their purchases, organizations of all sizes will need to make sure they can secure these funds and avoid allowing thieves to take advantage of their convenience.
One of the most important reasons to increase the security of your digital wallet is the need to protect sensitive financial data. Thus, financial companies use robust security systems, like biometric digital signatures to protect customers.
A biometric digital signature is an identification key based on a user’s unique fingerprint or another type of biological data. These signatures can be stored in many places, including tablet devices, personal computers, laptops, smart watches, cars, and even the Internet. Once generated, the biometric digital signature is stored in a verification node and is used to identify the user. It can also identify other users by comparing their signatures with other individuals’ signatures.
Besides reducing costs, biometric signatures are highly reliable and provide total legal validity. They also save time and provide greater assurance of the signer’s authenticity. Biometric digital signatures are a great addition to any company, allowing businesses to streamline their processes and customers to enjoy a better experience with their transactions. In addition to these benefits, biometric digital signatures enable firms to avoid the use of paper. And since biometric signatures are linked to a person’s unique biological characteristics, they can be easily tracked in the company’s database.
For more information, read this infographic from LoginID.
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