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Passwords are obsolete, go blockchain
Before you check your email, Instagram, or bank account, the first thing you probably do is enter your password. This amounts to little more than muscle memory because most people have already absorbed their passwords into their brains just like they do with a relative’s birthday or the score stats of their favorite athlete.
For a variety of reasons, many people choose not to use passwords at all when it comes to their devices, either because they feel they have nothing of value on their computers or because in their eyes it is unlikely that a hacker would do so. Others justify a minimal password, which might mean setting their laptop’s home screen credentials to “123456,” reusing an old login, or making small changes.
This type of negligence may not have had any consequences yet, but it is quite dangerous to not address it. Ask yourself a simple question: how similar is that password to the one protecting your most valuable materials? Unfortunately, the answer is usually that they are nearly identical.
Humans have a hard time remembering complex passwords for all their favorite apps, platforms, and accounts, so if they aren’t identical, they’re often pretty similar. Few people have the memory to hold dozens of long-tail phrases, and that presents a huge security risk as computing technology becomes more powerful. Fortunately, one of the BlockchainMore relevant uses will make these concepts obsolete.
What’s wrong with passwords?
Taking a strong password and changing it slightly isn’t a bad deterrent for humans trying to break into your device, but humans aren’t the ones doing the breaking. Using passwords requires us to remember them, which automatically means they’re easy enough for most computers to guess, given enough time. (See also: Can Bitcoin be hacked?)
Computers and their powerful algorithms can use brute force tactics to guess thousands of potential letter and number combinations in seconds, so it doesn’t matter how clever you think your password is. However, an easily guessable password is the easiest trap for most scammers. There are plenty of other ways they can get their hands on it and, from there, access the rest of your accounts and assets.
Phishing emails are designed to look like they’re from legitimate institutions and may trick you into “changing” your password or installing keylogging software that spies on your keystrokes. Regardless of how they do it, all of these methods are designed to capture your password and then uncover a breadcrumb trail to your other sensitive information. This is a threat to individuals, to be sure, but for businesses that still use passwords for work terminals, the risk is even greater. (See also: What is a “phishing scam” and how can you avoid it?)
When it comes down to it, the real problem with passwords is that they still exist. However, there were few alternatives available until blockchain began to show signs of maturity recently. (See also: Cyber Wars: How the US Stock Market Could Be Hacked)
Credentials courtesy of Blockchain
Blockchain is now spreading like wildfire through the tech mainstream, with developers and entrepreneurs alike marveling at its powerful decentralized methodology. One of the first proposed applications of blockchain was to create something called Self-sovereign IDthat uses encryption and network cohesion to change the way people identify themselves online.
The lowest layer of the blockchain is the public ledger that records all data transactions on its network and shares them in real time among active nodes. However, there is no central authority that organizes them. Instead, algorithmic consensus determines the veracity of transactions and their order in the ledger, creating a type of shared authority over what happens on the network.
Additionally, blockchain uses the highest standards of cryptography to create a layer between an individual’s public blockchain address and their true identity. A user is assigned a unique private ID, which is paired with the public ID that represents them on the chain.
When receiving data, such as in the form of a cryptocurrency exchange or message, the recipient must use their private ID to access it. This double-layer defense means that hackers have no way to corrupt the network, thanks to decentralization, but also to link identifying information to a single transaction or account.
Putting Next-Generation Passwords to the Test
Blockchain startups are already working to put the idea of a self-sovereign ID into practice, helping to make passwords a thing of the past. Companies like SelfKey are using this new authentication paradigm to give citizens of any country a standardized way to request and verify important documents across borders. Other companies like LastPassthat store encrypted passwords in private accounts, have attracted users’ attention in recent years.
Applying for a passport, opening a bank account, starting a charity, and other common processes are easier to manage when an individual has their own digital ID and can use it freely and securely, no matter how diverse the elements of their livelihood.
STAY It is a new generation access protection, and whose The token sale has reached its hard cap of $20 million in February — distills the most important ideas of blockchain into a streamlined application that serves a single, powerful purpose: the ability to log into any service more securely, especially since there are no passwords involved. Instead, the REMME blockchain stores a user’s unique device certificates on its decentralized network, so when they want to access a web property or application, they simply click the REMME button to log in. The application checks the registry to verify that the correct device certificate is pinging for entry, and immediately grants entry to the account.
Two-factor authentication strengthens the agreement, so if a user plausibly wanted to access their bank account, for example, they would have to press the button on their bank’s page but also confirm from their phone. Such a service is leagues away from the current generation password managers like LastPass or No Passwordand is already gaining popularity on the market.
These are some of the most advanced examples available of how blockchain is revolutionizing the idea of digital credentials. Users will no longer have to reconcile their memory with their security, nor will they trust their login information to centralized authorities. The result is a more secure way to manage our digital existence and a simple product that combats existing exploits in a simplified package. With these types of solutions on the horizon, it is only a matter of time before attacks like the one perpetrated against Equifax Servers last year they exist only in the dustbin of history. (See more: Have I Been Hacked? Find Out If the Equifax Breach Affects You)
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