A leader in iris-scanning and identity verification technology, Worldcoin plans to expand its user base by offering access to governments and businesses, aiming to build a diverse community of technology users, as reported by Reuters.
Ricardo Macieira, General Manager for Europe at Tools For Humanity, the organization behind Worldcoin, envisions creating a robust financial and identity community. To achieve this, Worldcoin intends to open-source its iris-scanning technology, promoting wider adoption and advancement.
While Worldcoin does not claim to be a universal basic income provider, it is open to offering infrastructure for governments and other entities to implement such programs, “The idea is that as we build this infrastructure and that we allow other third parties to use the technology.”
However, the company faces regulatory scrutiny due to its data collection practices. UK’s ICO to Investigate Worldcoin Crypto Project and German authorities have initiated a probe. Additionally, Kenya’s Minister of Internal Security has imposed an official ban on Worldcoin’s operations in the country.
Also Read: Gov’t Urges Caution as Kenyans Rush to Sign up for Worldcoin
Worldcoin prioritizes user privacy and allows users to choose encrypted storage or deletion of their biometric data. As the company seeks to expand its user base, it must address the challenges posed by regulatory scrutiny and privacy concerns in different jurisdictions.
