Hector Hoyos the owner and founder of Hoyos Labs joins Craig to discuss iris-based identity authentication. The iPhone 5S uses fingerprint technology to unlock devices, but fingerprints are not optimal for security, as they are easily replicated and have a high false-accept rate. To date, attempts to introduce fingerprints for secure access purposes have failed, which concerns business owners who foresee consumers using them to access confidential accounts. Hoyos Labs’ goal is to productize technologies like iris scanning and translate them into real-world solutions that solve identity challenges. There is a next-generation technology for mobile identification authentication that does not use, and is more effective than, fingerprints. It is currently being developed by Hoyos Labs at MIT and will be launched soon. There are more effective technologies for transactions, including iris scanning, which will become more prevalent as businesses and consumers understand the risks associated with security based on fingerprints. Hoyos Labs operates at the Cambridge Innovation Center on MIT’s campus. The goal of the company is to develop and deploy enterprise and consumer Identity Assertion technology platforms that will conveniently and securely solve the identity challenges of today.