Anonybit Unveils Major Upgrade to Its Decentralized Data Vault To Support a Broad Range of Use Cases Across the Identity Management Lifecycle

Anonybit announced today a significant upgrade to its Decentralized Data Vault offering, enabling support for an expanded range of use cases across the identity management lifecycle. The Anonybit Decentralized Data Vault builds upon the company's patent-pending decentralized biometric storage and processing technology to provide enterprises with unparalleled control over their sensitive data and assets. The latest updates to the Data Vault incorporate improvements in usability, offering several choices for handling and accessing different types of stored sensitive information.

NEW YORK and TEL AVIV, ISRAEL, May 15, 2024 Anonybit, a pioneer in decentralized technologies, announced today a significant upgrade to its Decentralized Data Vault offering, enabling support for an expanded range of use cases across the identity management lifecycle. This upgrade marks an important extension in the world of identity and secure data management, offering users enhanced privacy and security.

The Anonybit Decentralized Data Vault builds upon the company's patent-pending decentralized biometric storage and processing technology to provide enterprises with unparalleled control over their sensitive data and assets. With support for both structured and unstructured data sets, the Decentralized Data Vault eliminates the need to store any sensitive information in a centralized repository. The Decentralized Data Vault complements Anonybit's Decentralized Biometrics Cloud to power the entire user journey and support various identity management tasks beyond biometric authentication.

"An important consideration with encryption, especially in an age of quantum computing, is who has access to the data and who controls the private keys. With Anonybit, the data is not stored in a holistic form, giving attackers nothing to find and nothing to steal." - Frances Zelazny, Anonybit CEO

The latest updates to the Data Vault incorporate improvements in usability, offering several choices for handling and accessing different types of stored sensitive information. One option binds the data to a specific user's biometric to limit retrieval to only one authorized person. Another option ties a retrieval workflow to another business process like an audit or a fraud investigation. For identity management use cases, retrieval from the Data Vault can be limited to specific data fields associated with an individual as opposed to releasing an entire user's records.

Data protection laws such as the GDPR, PIPEDA, CPRA and others call for service providers to enhance consumer privacy by making them liable in the event of a data breach. To date, nearly $4.6 billion in fines have been issued under the GDPR, while data breaches continue unabated, signaling the difficulty in relying on standard encryption and data governance rules to securely manage personal data across an enterprise.

"An important consideration with encryption, especially in an age of quantum computing, is who has access to the data and who controls the private keys," said Frances Zelazny, CEO and co-founder of Anonybit. "Practically what this means is that if the encryption key is compromised, the data is compromised. With Anonybit, the data is not stored in a holistic form, giving attackers nothing to find and nothing to steal even if they do manage to penetrate a network."

Beyond the upgrade announced today, other key features of the Decentralized Data Vault include:

"At first, we focused our efforts on biometric security, the most sensitive type of PII, but as we rolled out our integrated identity management platform, there was increasing demand to provide support for other data types that would better secure the user journey, future proof customer deployments and enable use cases that may not involve biometric authentication. Our upgraded Data Vault is the culmination of these efforts, allowing enterprises to safely store any data type including raw images, passkeys, videos, document scans and even videos, strengthening the data governance posture of the enterprise and reducing the risk of a data breach." Zelazny added.

The upgraded Decentralized Data Vault is now available as a call through the Anonybit API library, fitting into any workflow like ID verification, transaction processing, biometric authentication, auditing and more. Interested parties can visit https://www.anonybit.io/decentralized-data-vault/ to learn more.

About Anonybit

Anonybit is an award-winning, patented decentralized biometrics infrastructure (not blockchain) that protects personal data and digital assets. The company's flagship integrated identity management platform, the Anonybit Genie, is the first privacy-by-design offering that connects the entire use lifecycle, from digital onboarding to authentication, closing the gaps that attackers exploit. The Anonybit Genie has been adopted by leading enterprises around the world to prevent data breaches and account takeover fraud. For more information, visit anonybit.io.