The cybersecurity company blockchain Unbound Tech launched a new login solution aimed at enabling companies to dispense with passwords.
According to a June 17 announcement, Unbound Tech’s new identity solution eliminates reliance on traditional authentication methods with a decentralized key management system. The system can also be used to access blockchain wallets.
The system is intended to replace hardware tokens, software one-time passwords and standard passwords. According to the firm, the new solution can secure high-risk operations and authenticate transactions without security, usability or cost compensation.
Decentralized identity could replace all login functions, according to LG
Unbound Tech’s CEO and co-founder, Yehuda Lindell, told Cointelegraph that there is a need for such services in the enterprise space, as most highly secure authentication mechanisms are cumbersome. On the other hand, he says that easy-to-use solutions are not secure enough:
„The biggest source of breaches in the cloud today is actually due to broken authentication mechanisms. As such, this aspect of security is rapidly becoming one of the most central and critical issues in achieving security.
Korean technology giant LG develops a blockchain-based identification system
The keys are never fully assembled
System keys are stored decentrally, on multiple devices, and are never kept complete. The authentication solution uses multiparty counting to sign a message with the key without fully disclosing it to any of the parties involved.
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Digital identity solutions are becoming an Corona Millionaire active development area for blockchain technology applications. A representative from LG CNS, the information technology subsidiary of South Korean technology giant LG, recently suggested that blockchain could replace all login functions in the future.
As Cointelegraph reported in May, LG CNS partnered with US firm Evernym to develop a blockchain-based digital identity standard for the web.