Unbound, blockchain cybersecurity firm has recently launched a new passwordless login solution. According to the report, Unbound firm provides a secure and cost-effective alternative to traditional authentication methods that enable businesses to go for passwordless logins. Unbound’ s new identity solution removes the dependence on standard authentication methods with a decentralized key management system.
Unbound Tech announced that its launch of a new password-free login solution would enable businesses to get rid of the traditional authentication process. Unbound Tech is the global leader in cryptographic key management and protection that applies revolutionary breakthroughs in mathematics to allow credentials to be used without being exposed, thus ensuring digital assets are safe anytime, anywhere.
Businesses Appreciate New Passwordless Solution
The report stated that businesses appreciate Unbound’s security and cost-effectiveness, as it streamlines authentication and transaction approvals for the new password-free experience. The decentralized key management system is meant to replace hardware tokens, one-time-passwords, and standard passwords, and can also be used to access blockchain wallets.
According to Unbound Tech, the new solution can secure high-risk operations and authenticate transaction approvals without security, usability, and cost trade-offs.
Unbound CEO Yehuda Lindell expressed his views regarding the need for such services as even highly-secure authentication systems are not secure enough and cumbersome.
He stated that “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 firm revealed that the system is secured by ensuring that secrets such as cryptographic keys, and other private data never exists anywhere in a complete form. They are all stored through decentralization techniques across multiple devices. The authentication solution uses secure multiparty computation to sign a message which is done to make sure that the key is never fully revealed to any party involved.
Lindell added further, “As we continue to innovate and advance our cryptographic key management platform in support of the expanding needs of the global economy, we remain steadfast in our commitment to deliver the most advanced security in practice that enables organizations to reduce the cost of utilizing multifactor authentication while improving their customers’ experience.”
Digital Identity Solutions- An Active Area of Blockchain Technology
Blockchain’s infrastructure is resilient and censorship-resistance, which makes it great for digital identity solutions that need to be accessible and always secure. This is the reason digital identity solutions are the most active areas of development in the blockchain domain. Recently, a representative of LG’s information technology subsidiary, LG CNS, reported that blockchain-based identity systems could replace all login functions.
In May 2020, LG CNS, LG’s IT services subsidiary, signed a memorandum of understanding with Evernym, where the partnership between the two firms aims to develop international digital identity standards at the World Wide Web Consortium. It was also reported last month that South Korea’s smart city Sejong will be establishing a blockchain-based identity verification platform for storing and verifying the digital identities of self-driving vehicles.