CUDIS, the developer of AI and blockchain-powered smart rings, recently announced it was integrating Sam Altman’s controversial World App into its devices.
As wearable technology continues to increase in popularity and adoption, so does the need to address its lingering privacy and security concerns. Some experts believe blockchain will revolutionize wearable tech, but is it truly the answer to fixing all of its issues?
CUDIS’s smart ring is a wear-to-earn product that rewards users for being active.
The blockchain-based product claims that integrating Altman’s World App will enable it to achieve many of its promised features.
Founded in 2019, World, previously Worldcoin, was initially conceived to distribute universal basic income through a one-time payment following an iris scan.
However, following the explosion of AI, the company shifted towards a new priority: verifying human identity.
The company now wants to provide every human on earth with a “World ID,” which would be proof of their human status in a rapidly developing AI world.
CUDIS believes this will set its smart ring product apart from other competitors.
“The recent integration with World App, powered by Worldcoin, introduces a new layer of biometric data verification, leveraging iris-scanning technology to bolster data privacy and security,” the company said in a press release.
The wearable tech industry is expected to reach a value of $290 billion by 2030 and is evolving to serve a broad range of users, with healthcare applications driving much of this growth.
Devices like smart rings, smartwatches, fitness bands, and specialized health monitors are designed to track essential health metrics such as heart rate and blood pressure.
By collecting a trove of data, wearables enable users and healthcare providers to observe trends in real-time. However, if not correctly managed, sensitive data such as heart rate and behavior could expose users to potential privacy violations.
This data is also particularly vulnerable to cyberattacks as centralized databases are a tempting target for hackers.
Some experts believe that blockchain could be the answer to address wearable technology’s issues.
With blockchain’s decentralized nature, the issues with data storage and management are arguably greatly alleviated.
The reduced reliance on centralized systems will significantly remove the risk of infiltration from hackers attempting to steal data.
At the same time, users have the potential to keep control over their information due to Blockchain’s cryptography, which securely encrypts data, making it only accessible to authorized users.
However, integrating blockchain into wearable technology could come with its own risks and complications.
Wearable devices are designed to be compact and energy-efficient, which limits their processing power and battery life. Blockchain technology, however, requires high levels of computing power which may not be capable on such a small device.
Jason Wise, editor of Earth Web, told CCN that integrating blockchain systems into wearables is “not cheap or simple” and will “take a lot of time to get it right.”
“A lot of people also don’t fully trust or understand blockchain yet, which makes adoption slower,” Wise said. “Companies will have to put in real effort to explain why this tech matters and why it’s worth using,”
“On top of that, there are rules around privacy and finance that these products have to follow, which can complicate things even more,” he added.
Altman’s World has also faced some criticism from people who believe the company risks compromising users’ privacy.
The use of biometric data, like the company’s iris scans, has raised concerns about where that data will be logged, even if anonymized.
While the benefits of blockchain cannot be ignored, integrating it into the world’s wearable technology will be a complex task that requires careful consideration of security and scalability.