As revealed by Patent Bolt, Samsung is in possesion of patent documents describing smart phone equipped with a sensor that detects the presence of the user's eye in the vicinity of the device, and is able to scan the iris. It is expected that this system would be used for similar purposes as TouchID fingerprint scanner in the iPhone 5S. Of course, there is always a question is this just another way to invade our privacy even further.
As far as the release of Galaxy S5, it could be introduced as early as January of 2014. The public will soon find out whether next model will have this technology implemented or will we have to wait for some of the future Galaxy smartphones.
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