Blockchain cybersecurity firm Unbound Tech launched a new login solution meant to enable businesses to go passwordless.
According to an announcement on June 17, Unbound Tech’s new identity solution removes the dependence on traditional authentication methods with a decentralized key management system. The system can also be used to access blockchain wallets.
The system is meant to replace hardware tokens, software-powered 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 trade-offs.
Unbound Tech CEO and co-founder Yehuda Lindell told that there is need for such services in the enterprise space as most highly-secure authentication mechanisms are cumbersome. On the other hand, he claims that easily usable solutions are not secure enough:
“The biggest source of cloud breaches today is actually due to breaking authentication mechanisms. As such, this aspect of security is quickly becoming one of the most central and critical issues in achieving security.”
The system’s keys are stored in a decentralized fashion, across multiple devices and are never kept whole. The authentication solution uses multi-party computation to sign a message with the key without ever revealing it fully to any party involved.
Digital identity solutions are becoming an increasingly active area of development for blockchain technology applications. A representative of LG CNS — the information technology subsidiary of South Korean technology giant LG — recently suggested that blockchain could replace all login functions in the future.
LG CNS partnered with American firm Evernym to develop a blockchain-based digital identity standard for the web.