Unbound Tech launches new decentralized password system
Unbound Tech, a blockchain-based cybersecurity company, announced the launch of a new solution that allows companies to access their private accounts without using passwords.
Unbound Tech, a blockchain-based cybersecurity company, announced the launch of a new solution that allows companies to access their private accounts without using passwords. The announcement was released on June 17 and claims that the new decentralized key management system eliminates dependence on traditional authentication methods. Furthermore, the system allows access to blockchain wallets with significant security.
** A spokesperson for LG CNS, LG's subsidiary information technology company, claims that in the future conventional login functions could be replaced by identity systems based on blockchain technology.
The main objective of the system is that companies can ensure high risk operations and authentic transactions without security, usability or cost compensation. Yehuda Lindell, CEO and Co-Founder of Unbound Tech, spoke of the need to increase security in the business space and stated that easy-to-use solutions do not effectively cover that need: “The biggest source of breaches in the cloud today it is really due to the breakdown of the authentication mechanisms. As such, this aspect of security is fast becoming one of the most central and critical issues in achieving security."
** Ontology announced the partnership with Shperity, a German digital identity and cloud wallet company, with the aim of collaborating in the development of solutions to different problems facing digital identity for products and companies.
The system uses multi-part processing power to encrypt the key so that none of the parties involved can fully reveal it. In this way, the system keys are stored in a decentralized way and the security increases significantly. A representative of LG's subsidiary information technology company, LG CNS, stated that the login functions will be replaced by blockchain technology in the future.