Introduction

Cryptocurrency is a virtual currency that uses cryptography to overcome counterfeit as a security feature. It is a medium of exchange where financial transactions and their verifications are done at a decentralized system. Blockchain technology uses computers to authorize and monitor the transactions while making records.

Problem statement

Software cryptocurrency transfer is insecure from hacking and hampers holding of cryptocurrencies in software wallets thence prompts seeking a secure wallet and medium of operation.

The significance of the problem

Innovation in technology is taking place in a fast-paced momentum which requires all activities that engage in software activities to keep up. Cryptocurrency exchange and transfer fall in this category that requires an innovative and averse medium. Hardware wallet is known to be the most secure way of dealing in cryptocurrency. In a bid to stay post hacking of cryptocurrencies, a reliable means to carry out transaction revolving around hardware wallet may be the solution (Antonopoulos, Demarest and Futato, 2015). The project aims to build a secure hardware wallet that will use an iPhone iOS system in place of computers. It will use facial recognition feature that identifies the individual making transaction. Facial recognition system will use the biometric data of an individual which can only verify the owner of the hardware wallet rather than a stranger. The system acts as a security measure towards theft of cryptocurrencies.  Also, a hardware wallet stores more cryptocurrencies than the software wallet. Hardware wallets will not be faced out of technology soon, unlike the software wallets. Software programs governing the wallets are changing which also make them vulnerable to hacking which is also programs generated to counter a new one version of the latter.

References

Antonopoulos, A. M., Demarest, R., & Futato, D. (2015). Mastering Bitcoin: Unlocking digital    crypto-currencies.

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