Samsung to establish an IoT payment ecosystem with iris recognition technology

Samsung “envisions ultra-secure iris recognition technology may be used to advance the IoT era, simplifying everything from healthcare, mobile banking, buying and selling of products, stock exchange, travel to everyday transactions,” the company said recently.

There will be a considerable demand for the security system, the company believes.

According to Samsung’s promotional video, “The number of people using Fintech with the help of such biometric technologies is expected to increase dramatically from 120 million in 2015 to 1.1 billion in 2020.”

Samsung which has made a splash by integrating the iris biometric scanner, will allow the users to unlock their phones with the technology, to its newest flagship smartphone.

Among parts of the eye, the iris is the part that does not change its appearance over the span of a person’s lifetime unless it is damaged by external force. Iris recognition is different from other biometric technologies in that its target retains the same form as when it’s first registered.

“Samsung’s iris recognition technology works by scanning and encrypting users’ ‘iris signature’ to provide a form of biometric authentication that simply cannot be reproduced or be restored even if it is disclosed. Iris patterns are so distinctive that the probability of two people possessing identical patterns equates to 1 in 10 to the 78th power, meaning your eyes are truly your own, and most likely unique in the entire history of humankind,” the video stated.