Worldcoin enables companies and governments to utilize its ID system.

Worldcoin‌ Expanding Operations and Offering Iris-Scanning Technology to Other Organizations

By Nette Noestlinger, Matthias Baehr and Elizabeth Howcroft

LONDON (Reuters) ⁣– Worldcoin, the innovative‌ digital ⁤identity and financial network, is set to expand its operations⁢ globally and plans⁢ to make ⁣its iris-scanning and identity-verifying⁤ technology available to⁣ other organizations, according to a senior ⁣manager for the‍ company.

Co-founded by OpenAI CEO Sam Altman, Worldcoin⁢ recently launched its platform, which​ requires users ​to provide their iris scans‍ in exchange for a digital ID and, in some cases,‌ free ⁣cryptocurrency. The ⁢project aims⁢ to create a‌ global community focused on identity and finance.

Despite⁢ concerns from privacy ⁣campaigners, people around the ⁢world have eagerly signed up for Worldcoin, willingly having their faces scanned by ⁢the shiny spherical “orb.” Over 2.2 million individuals have already ​joined⁢ during the trial period over the past⁤ two years. Data watchdogs in Britain, France, and ⁣Germany ‍are ⁣currently investigating the project.

“We are on⁣ a mission to build the largest financial and identity ⁢community possible,” said Ricardo Macieira, general manager for Europe at​ Tools⁤ For Humanity, the company ⁢behind ⁤Worldcoin.

Worldcoin recently raised ⁢$115 million in​ funding from venture ‍capital investors, including Blockchain Capital, a16z ⁢crypto, ​Bain Capital⁣ Crypto, and Distributed‌ Global. With this funding, Worldcoin ‌plans to continue expanding its⁤ operations in Europe, Latin America, Africa, ⁤and ⁢other regions that are open to ‍its services.

Worldcoin’s website outlines various potential applications for⁢ its technology, such ⁣as distinguishing humans⁢ from artificial intelligence, enabling global democratic processes, and even ‌paving ‍the ⁤way for universal basic‍ income. However, the realization ⁣of ‌these‌ outcomes is not⁤ guaranteed.

While many individuals ​interviewed⁣ by Reuters ⁤expressed their interest in receiving​ the 25‌ free‍ Worldcoin tokens offered to verified users, ⁤Macieira emphasized ‌that ​the company’s goal⁣ is ​not to generate universal basic ‌income itself. Instead,⁢ Worldcoin aims to provide the infrastructure for governments and ​other⁣ entities to do so.

Furthermore, Worldcoin’s technology can be utilized by⁣ companies who wish to use ⁢its ⁣digital identity system. ⁣For example, ⁤a coffee shop ⁣could⁣ use Worldcoin’s ⁢technology to ensure that customers can ​only claim one free coffee without the⁢ need for gathering ⁣personal data.

“The idea is ‍that ​as ⁤we build​ this infrastructure, we ‌allow ⁢other​ third parties to ⁤use the ⁣technology,” Macieira explained.

In ⁣the ⁢future, Worldcoin⁣ plans to make the technology behind its⁣ iris-scanning orb ​open-source, allowing anyone to build their own ‍orb ⁤and contribute to⁢ the community it⁢ serves.

Addressing Privacy Concerns

Regulators and privacy campaigners ​have raised concerns⁤ about Worldcoin’s data collection practices, including issues of informed consent and the concentration of data in one company’s hands.

Worldcoin’s website assures users that the project is “completely⁣ private” and that biometric data is either⁣ deleted or stored in encrypted form, depending on the user’s preference.

The Bavarian State⁢ Office for Data Protection Supervision, which‍ has ⁤jurisdiction in the European‍ Union, has been ‌investigating Worldcoin since November ⁣2022 due to ​concerns about the project’s ​large-scale processing of sensitive data.​ Michael Will, president⁤ of the Bavarian regulator, emphasized the need for⁤ transparency and clarity regarding data processing.

Rainer Rehak,⁣ a researcher on AI and⁣ society, criticized⁣ Worldcoin’s use of technology as ​”irresponsible” and questioned the⁢ problems it aims to solve.

The Worldcoin Foundation, based⁣ in the Cayman Islands,⁣ stated that‍ it complies with all laws governing personal data and is committed to cooperating ⁤with governing bodies’ requests for ⁣information about⁢ its privacy and data ⁢protection​ practices.

(Reporting by Nette Noestlinger and Matthias Baehr, Writing by⁣ Elizabeth ⁢Howcroft; Editing by Tomasz Janowski)

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