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Blockchain & Bitcoin Conference Cyprus 2018

Blockchain to replace password system

Blockchain to replace password system

Blockchain can change the modern model of network identification based on passwords, according to MIT technology Review.

Drummond Reed, chief trust officer at Evernym, a startup developing a blockchain network specifically for managing digital identities, says that the technology will allow to refuse the centralized password storage and to eliminate hacker attacks. Users will gain permanent control over their personal data.

To identify personality, one suggests applying a Bitcoin-like system, where cryptography and the network of computers provide safe exchange of digital coins without third parties.

Customers will be able to get an access to their profiles using the special smartphone app.

The Government of Illinois (USA) along with Evernym are going to launch a blockchain-based pilot project on issuing birth certificates.

However, Meltem Demirors, development director at Digital Currency Group, stresses that it will be difficult to make the majority of users shift to encrypted logins and passwords.

Meanwhile, hackers have recently put on the Web more than one thousand email addresses and phone numbers of Facebook Armenian users. Besides, on November 30, intruders have stolen data of 246 thousand members of the US Department of Homeland Security. To provide digital security, businesses have started actively using blockchain for authentication and identity control. As the result, companies obtain more efficient tool to manage their private information.


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