A proof-of-concept demonstration by biohacker Patric Lanhed shown recently in a video is a glimpse into the future of how we carry out transactions with Bitcoin. In the video Patric makes a successful Bitcoin transaction to a colleague, the authorization for which is an NFC transfer chip that Patric has had implanted under the skin of his hand.
He claims this is the world’s first ‘bio-payment’, and shows the possibilities for secure Bitcoin transactions in the future, as well as several other possible applications Patric is developing.
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A recent proof-of-concept video from biohacker Patric Lanhed and Arduino firmware engineer Juanjo Tara showed a possible glimpse into the future of secure Bitcoin transactions. The video shows a Bitcoin transaction, for the value of 1 Euro, carried out from one wallet to another using NFC-key transfer. The authentication for that transfer is embedded in a small chip, which in this case has been implanted under the skin of Patric’s hand. They claim this is the world’s first so called ‘bio-payment’.
The idea behind this is to show the possibilities of the technology to make all kinds of data transfer a simpler process. They plan to release the technology as open source, and hope that it can be adopted as a standard for others to build upon. Although Bitcoin has been the focus so far, the two innovators believe that the technology will allow a much broader variety of applications, including ID and Passport data, travel documents, medical records, security authorization for vehicles, home security and phone/computer user logins and so forth.
While on the surface this seems a little bit of science fiction come to life, the implications for digital currency are far reaching. If adopted widely, this kind of technology will usher in a reliance on digital currency very quickly, as payments in this way require digital currency of some sort. While Bitcoin and other digital currencies are gaining users currently, such bio-payments could be the vehicle that really shows the wider audience the real world benefits of digital currency compared to the fiat money systems that they use today.
In the world of secure, instant payments using chip authorization, having the chip to hand (quite literally!) at all times to enable quick payments takes the advantages of digital currency and places them right at the heart of daily financial life. Filling your car with gas just needs a scan of the hand, paying for anything quickly without having to carry cash for small transactions is an incredibly desirable scenario.