BLOCKSMITH&Co. Secures Patent for Web3 Wallet Utilizing Facial Recognition, Set to Launch This Fall

BLOCKSMITH & Co., Ltd. (headquarters: Minato-ku, Tokyo, Representative Director and CEO: Tetsuya Shinden) obtained a patent (No. 7535825) related to a Web3 wallet utilizing facial recognition technology on August 8, 2024. This patent addresses the management issues of encryption keys and seed phrases, which have been challenges in traditional cryptocurrency wallets. Based on this innovation, BLOCKSMITH plans to start offering the 'BLOCKSMITH WALLET' in the fall of 2024.

"BLOCKSMITH WALLET" utilizes MPC (multi-party computation) technology, employing a system to distribute and manage confidential information across the user's device and multiple servers. This setup ensures access to assets is secured even in cases of device changes or loss.

This structure reduces the risk of losing access to assets and provides a safer and more user-friendly experience. The technology, patented and registered, divides confidential information into several fragments, distributing them across devices and external servers for storage. When restoring the information, a certain number of fragments need to be gathered, thereby mitigating the risk of a complete data breach even if one server is attacked. Furthermore, integrating biometric authentication like facial recognition prevents unauthorized access during the fragment retrieval from external servers, achieving high-level security.

BLOCKSMITH plans to utilize this technology to promote a highly convenient and secure adoption of blockchain technology. The 'BLOCKSMITH WALLET', scheduled to be offered in the fall of 2024, is anticipated to be initially released as a feature within the QAQA app.

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