On June 17, it has been reported that Unbound Tech’s new identity solution removes the dependence on traditional authentication methods with a decentralized key management system, as the system can also be used to access blockchain wallets.
However, the system is meant to replace hardware tokens, software-powered one-time-passwords, and standard passwords.
The firm said that the new solution can secure high-risk operations and authenticate transactions without security, usability, or cost trade-offs.
A new decentralized identity management solution removes dependence on traditional authentication methods https://t.co/Bb6mniimdK — Cointelegraph (@Cointelegraph) June 18, 2020
Yehuda Lindell, the CEO and co-founder, said 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 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.
Thus, the authentication solution uses multi-party computation to sign a message with the key without ever revealing it fully to any party involved.