Humanity International Investments Hits Major Milestones in Digital Identity with the Humanity Protocol Initiative in Partnership with BIO-key International
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Insights
The recent achievements of Humanity International Investments in partnership with BIO-key International, Inc. indicate a transformative step in the realm of digital identity and blockchain technology. The integration of biometric palm scan authentication with Non-Fungible Tokens (NFTs) for identity verification is a pioneering effort that leverages blockchain's inherent attributes of immutability and security to provide a digital identity solution.
By achieving a large number of palm scans and NFT claims, the initiative is proving its scalability and user adoption. The impact on the digital economy could be substantial, as the technology provides a secure method for individuals, especially in underrepresented regions, to participate in the digital economy. The long-term implications include potentially increased financial inclusion and the creation of a decentralized identity verification standard that could disrupt traditional identity management systems.
The Humanity Protocol initiative, with its Community Staking program, represents an innovative approach to economic empowerment and financial inclusion. By enabling individuals to have a verified digital identity and participate in an ecosystem that rewards their contributions, the program is poised to offer a new model for economic returns distribution.
Such a program could catalyze economic growth in regions like Africa and Asia by unlocking access to digital services for those at the 'bottom of the pyramid.' The initiative's focus on inclusivity could help bridge the gap between the unbanked and the digital financial world, potentially leading to increased economic activity and prosperity in participating communities.
The collaboration between HII and BIO-key introduces a significant security enhancement in the digital identity space through the use of biometric palm scan technology. This advancement is critical in an era where identity theft and digital fraud are rampant. The application of such biometric data as a means of authentication for NFTs could set a new benchmark in cybersecurity measures for digital transactions.
While the approach is innovative, it also raises questions about data privacy and the security of biometric data storage. The long-term success of such initiatives will heavily depend on the robustness of the cybersecurity framework employed to protect users' sensitive data against potential breaches.
DUBAI, United Arab Emirates and HOLMDEL, N.J., March 12, 2024 (GLOBE NEWSWIRE) -- Humanity International Investments (HII) and BIO-key® International, Inc. (NASDAQ: BKYI), announce significant milestones in HII’s innovative Humanity Protocol initiative. Over 40,000 NFTs have been claimed to date, showcasing the project making remarkable strides in digital identity and blockchain technology integration.
Humanity International Investments, under the Chairmanship of His Highness, Sheikh Marwan bin Mohamed bin Rashid Al Maktoum, launched a blockchain-based economic empowerment initiative, the Humanity Protocol, and strategically partnered with BIO-key, a leader in Identity and Access Management solutions including biometric palm scan authentication.
This collaboration will enable individuals, particularly in Africa, to authenticate their identities through a palm scan to securely claim their digital footprint through a Non-Fungible Token (NFT). The innovative approach not only enhances security and privacy in digital transactions but empowers individuals by providing them with a verified and immutable digital identity, marking a significant step forward in the integration of biometric technology with blockchain for identity verification. To date, the partnership has already garnered approximately 15,000 palm scans with plans to verify each of the current registered users.
"This milestone demonstrates our commitment to revolutionizing digital identity in Africa and beyond, made possible by our partnership with BIO-key, a leading biometric technology provider," said Aly Ramji, General Partner of Humanity International Investments.
The initiative has expanded to include a groundbreaking Community Staking program, engineered to function as a comprehensive ecosystem where NFTs represent the identity of participants. Each NFT assigns a unique digital identity to each user but also facilitates a direct and transparent method for distributing economic returns.
With over 40,000 unique registered users across 94 countries, with a significant footprint in Nigeria, Kenya, and Vietnam, the Humanity Protocol demonstrates a sustainable model where community stakers back each participant. This backing is not just financial; it is a vote of confidence in the individuals' ability to contribute to and thrive within the digital economy.
"This innovative program is designed to provide financial benefits to participants, fostering a robust and financially inclusive community to those at the bottom of the pyramid across Africa and Asia," said Ramji.
The Humanity Protocol is pioneering a digital identity revolution, leveraging the potential of Africa's young and rapidly urbanizing population to ensure broader access to the decentralized digital economy. The community staking program is Humanity International Investment's commitment to inclusivity and security in the digital space.
About Humanity International Investments (www.humanityinvestments.co)
Humanity International Investments is a Dubai-based social impact fund dedicated to fostering financial inclusion across Africa. With an expansive network spanning the continent, the organization is committed to bridging the identity gap for the unbanked and the ultra-poor. By collaborating with innovative technology partners, the Humanity Protocol seeks to provide verifiable identities, enabling countless Africans to access financial services, credit, and opportunities for wealth creation. Their vision is not just about creating identities but about empowering individuals to change their futures and have a voice in the global digital community.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-eight million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.
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Humanity International Investments Contact
Jumal Lewis
Humanity International Investments
communications@humanityinvestments.co or 1 (917) 833-1830
BIO-key Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com or 1 (212) 924-9800
FAQ
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