A World Without Passwords, Thanks to Blockchain

A World Without Passwords, Thanks to Blockchain 1024 500 Crypto Rand Group
Passwords Blockchain

New decentralized enterprise cybersecurity solution on the blockchain provides a secure and cost-effective alternative to traditional passwords authentication methods

Unbound Tech, the world leader in crypto key management and protection, announced the launch of a new login solution to allow companies to do without passwords. The Crypto-of-Things (CoT) platform is an access point security solution based on Unbound’s NextGen key orchestration platform to eliminate reliance on traditional authentication methods, said yesterday’s press release. The decentralized key management system designed to replace hardware tokens can also be used to access blockchain purses.

The system is designed to enable companies to secure high-risk transactions and authenticate transaction approvals without security, user-friendliness and cost reduction, the firm explained. Unbound targets companies that use hardware tokens, software tokens and passwords, and attempts to provide a “password-free experience.

Although the concept of “password-free” has been explored for years, highly secure authentication systems are cumbersome or not secure enough, said Unbound CEO Yehuda Lindell. “The biggest source of cloud breaches today is actually due to the breakdown of authentication mechanisms. As such, this aspect of security is rapidly becoming one of the most central and critical issues in ensuring security,” he added.

The system is secured by ensuring that secrets such as crypto keys, passwords or other private data never exist in a complete form on any blockchain. They are stored using decentralized techniques on multiple devices, the firm revealed. In addition, the authentication solution uses a secure multiparty calculation to sign a message. This is done to ensure that the key is never fully revealed to an involved party.

“Unbound’s CdT leverages our advanced software that seamlessly integrates and leverages an organization’s existing security policies while providing a unified interface with the highest level of security for all types of devices,” explained Professor Lindell, co-founder of Unbound Tech.

The company’s CoT solution allows companies to manage crypto keys on all devices and ensures that a key can be secured anywhere, anytime. It was designed to meet the needs of professionals in a world where devices are increasingly used,” said the press release.

While software-only authentication platforms present security challenges, hardware solutions are poorly suited to delivering high-quality user experience and lead to operational difficulties. Unbound says its multi-factor authentication solution combines the best of both worlds by offering the highest level of security in a cost-effective environment with improved customer service.

“As we continue to innovate and advance our crypto key management platform to meet the growing needs of the global economy, we remain committed to providing the most advanced security in practice that enables organizations to reduce the cost of using multi-factor authentication, while improving the customer experience,” said Professor Lindell.

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