The emergence of the digital world has greatly increased the number of accounts and passwords that users must remember. It has also increased the need for secure access to personal information in the cloud. Biometrics is one approach to person recognition, which can be used in identification as well as authentication. Among the various modalities that have been developed, electroencephalography (EEG)-based biometrics features unparalleled universality, distinctiveness and collectability, while minimizing the risk of circumvention. However, commercializing EEG-based person recognition poses a number of challenges. This article reviews the various systems proposed over the past few years with a focus on the shortcomings that have prevented wide-scale implementation, including issues pertaining to temporal stability, psychological and physiological changes, protocol design, equipment and performance evaluation. We also examine several directions for the further development of usable EEG-based recognition systems as well as the niche markets to which they could be applied. It is expected that rapid advancements in EEG instrumentation, on-device processing and machine learning techniques will lead to the emergence of commercialized person recognition systems in the near future.