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The drastic changes in mobile and wireless based technologies and increasing number of applications and users demanded high-security concern, which leads to research on biometrics with a purpose to increase the security aspects and to minimize security threats. The current global mindset toward terrorism has influenced people and their governments to take some special actions and be extra proactive in protection or security problems. Fingerprint image and identification technology have been in life for hundreds of years. Archaeologists have exposed proof suggesting that interest in fingerprints dates to prehistory. But the modern study reveals that fingerprint is not so secured like secured passwords which consist of alphanumeric characters, number and special characters. Fingerprints are left at crime places, on materials or at the door which is usually class of latent fingerprints. We cannot keep fingerprint as secure like rigid passwords. In this paper, we discuss fingerprint image Hash code generation based on the MD5 Algorithm and Freeman Chain code calculated on the binary image. Freeman chain code extracts all possible boundaries for an image and which gives starting x and y positions as x0 and y0. Hashcode alone not sufficient for Verification or Authentication purpose, but can work along with Multifactor security model or it is half secured. To implement Hash code generation we use MATLAB2015a. This study shows how fingerprints Hash code uniquely identifies a user or acts as index-key or identity-key.