Blockchain, a solution to insecure passwords

Blockchain, a solution to insecure passwords

In Deloitte’s 2018 Global Blockchain Survey , 84% of company professionals agreed with the statement that blockchain-based solutions were safer than conventional information technologies.

Passwords by themselves can no longer meet our security needs. According to the 2018 Verizon Data Breach Investigations Survey , 81% of hacking-related breaches were due to poor password management.

With an unprecedented number of data breaches in the last 12 months , corporates and individuals are asking themselves whether it be worthwhile to continue to use old, incomplete, or weak safety measures to safeguard vital information entrusted to them.

Some solutions, such as two-factor authentication, have gone part of the way to fix the problem; however, reports of information loss plus security breaches persist.

The problem is a thorny one, password management is weak, websites are not secure therefore our data lies with corporations who manage those sites but are vulnerable to hacking. Increasingly, this state of affairs is becoming unpalatable .

One solution is to reverse the state of affairs and make use of blockchain to eliminate the need for individual companies to store passwords in their database, fundamentally altering user authentication.

How Can Blockchain Help Improve User Security and Privacy?

In blockchain-based systems, each consumer receives a public key and a private key, and may only directly authenticate themselves by using these key sets. The blockchain stores the general public key while only the consumer retains the private key.

Public keys identify users (and companies) therefore providing a means to transparently monitor who did what and when on the blockchain. The related private keys, ideally secured on a hardware device, authenticate actions carried out on the chain.

By having your private key embedded on your hardware device, it is no more stored in an application database, that is often the target of data breaches. Indeed, even the consumer will not necessarily know their own private key, enhancing security, and putting them in complete control of their credentials.

The interaction between users and apps built on a blockchain protocol with the additional use of hardware keys, creates a seamless plus password-less experience, and provides an significantly more robust and protected atmosphere when users are online. Protocols like EOSIO, that is published by Block.one, make this a core feature. As Tayo Dada, Founder and CEO of Uncloak , “the world’s first blockchain-powered cyber-threat solution”, emphasizes, “The immutability of the blockchain provides a whole new level of protection. [And] EOSIO offers us a high-speed, highly-secure Delegated Proof of Stake blockchain”, which “Uncloak uses for… permission access to data from different groups of users, obfuscated data management for ensuring that customer information is kept private, a time-lock on data, and storage of IP/copyright data for hunter who find new vulnerabilities”.

It’s significantly different from what most of us have to live with today. Traditional centralized password-structured systems, commonly used by web applications, actually offer an opportunity for hackers to focus on one central target that houses all of a users’ personal information. In contrast, the decentralized nature of blockchains are usually specifically built with security designed directly into the code, driving a hacker to consider there is no longer a single attack focus as the user retains their private key on their own device.

In Deloitte’s 2018 Global Blockchain Survey , 84% of company professionals agreed with the statement that blockchain-based solutions were safer than conventional information technologies. Additionally, 74% of individuals said their companies either already participate in or will probably join a blockchain organization as an informational resource to understand about the various applications of the technology. As companies continue  engaging with blockchain, the adoption of this more secure technology is certainly on the horizon.

The International Data Corporation expects spending on blockchain technology to reach $11. seven billion by the year 2022, with an annual growth price of 73.2%. Bill Fearnley, Jr., research director for Worldwide Blockchain Methods, said that this is primarily driven by corporations looking to secure data  while transforming their traditional business safety practices.

Despite attempts to strengthen security passwords, via length or complexity in character selection, conventional authentication systems cannot compete with the cryptographic strength offered by a key pair .

EOSIO has become the most used blockchain in the world in part due to the security features it offers — even to applications that want to offer only highly customized access of information with only minimal configuration.

The safety features also mean that in case an account is compromised for whatever reason, the rest of the database and all others remain secure.

By placing an emphasis on user’s personal privacy and security , EOSIO has given blockchain an extra much needed utility, which is extremely valuable to users: keeping safe the integrity of their data.

In the future, blockchains, as simple and secure systems, can become part of common-sense security practices for companies across various industries, forming the underlying technology behind acquiring data. The implications are that blockchain will not only extend far beyond corporate and government data management liability reduction, but als

Disclaimer: Block.one is a software company that is producing the EOSIO software as a free, open-source protocol. This software may, among other things, enable those who deploy it to launch a blockchain, or decentralized applications with various features. For more information, please visit https://github.com/eosio. Block.one does not provide financial support to anyone seeking to become a block producer on any version of the EOSIO platform that may be adopted or implemented.

Block.one will not be launching any of the initial public blockchains based on the EOSIO software. It will be the sole responsibility of third parties, the community, and/or those who wish to become block producers, to adopt and implement EOSIO in the manner they choose, with the features they choose, and/or providing the services they choose. Block.one does not guarantee that anyone will adopt or implement such features, or provide such services, or that the EOSIO software will be adopted and implemented in any way.

Block.one does not endorse any third party or its products or services, even if they are mentioned herein. Block.one is not responsible for any linked content.

Please note that the statements herein are an expression of Block.one’s vision, not a guarantee of anything. While we will try to make that vision come true, all aspects of it are subject to change in all respects at Block.one’s sole discretion. We call these “forward looking statements”, which includes statements in this document, other than statements of historical facts, such as statements regarding Block.one’s business strategy, plans, prospects, developments and objectives. These statements are only predictions and reflect Block.one’s current beliefs and expectations with respect to future events; they are based on assumptions and are subject to risk, uncertainties and change at any time.

We operate in a rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you are cautioned not to rely on these forward-looking statements. Actual results, performance or events may differ materially from what is predicted in the forward-looking statements. Some of the factors that could cause actual results, performance or events to differ materially from the forward-looking statements include, without limitation: market volatility; continued availability of capital, financing and personnel; product acceptance; the commercial success of any new products or technologies; competition; government regulation and laws; and general economic, market or business conditions.

All statements are valid only as of the date of first posting and Block.one is under no obligation to, and expressly disclaims any obligation to, update or alter any statements, whether as a result of new information, subsequent events or otherwise. Nothing herein constitutes technological, financial, investment, legal or other advice, either in general or with regard to any particular situation or implementation. Please consult with experts in appropriate areas before implementing or utilizing anything contained in this document.

The ideas and information expressed herein are solely those of the author and do not necessarily reflect the positions, views or advice of Block.one or any other employee of Block.one.

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