Keys, credit cards & transport tickets are becoming fully digital—they are increasingly getting replaced by smartphone apps. This shift is fuelled by the ubiquity & convenience of smartphones as well as increasing support for short distance communication protocols (such as NFC or BLE) by different hardware. This increasing digitalization of everyday life requires secure authentication, which passwords, cards & keys frequently cannot meet as they are prone to losses & attacks. There is a market opportunity for a novel biometric solution that overcomes the deficiencies of the existing solutions and makes end-user transactions smooth & secure. While device OEMs like Apple or Samsung are using fingerprints & face recognition as core biometrics, we have designed a completely novel approach to ultra-secure biometrics authentication and built a device around it.
BiowatchID is a smart band worn on the wrist, which is a secure vault that only the owner can use due to continuous biometric authentication. BiowatchID uses a secure patented wrist vein identification technology with demonstrated 99,999% reliability. It is a tamper-proof, military grade security device which supports multiple protocols & communication channels. Once BiowatchID is closed on the wrist, it scans & recognizes the unique vein pattern, and then continuously monitors the presence of the wrist. BiowatchID owner uses the companion app to setup the wearable & enrol his/her wrist vein pattern, to manage the data stored in the wearable, to download firmware updates & enable new services from 3rd parties. Once BiowatchID is set up & paired with 3rd party services, it works independently from the mobile phone, replacing payment cards, keys, PIN codes, passwords, etc.
BiowatchID is designed to replace ID cards & passports; credit cards, loyalty cards, mobility cards; car keys, passwords, access badges; (and in the long term) Touch ID, Face ID & other similar biometric authentication solutions.
In this Phase 1 project (2018-2019), we have carried out additional market validation of BiowatchID in B2B scenarios to support our proof-of-concepts & update our business plans, as well as identify additional partnerships for sales & distribution.
In 2019-2020 we will industrialize the technology, aiming to deliver the market ready product variants that can scale 10,000+ units for B2B sales.
In 2020 we will finalize the R&D on additional product variants & start addressing the market via a range identified partners, scaling up to 100,000-unit sales.
