Forgetting your passwords, answering numerous security questions and receiving reset emails may soon be things of the past. Industry leaders are predicting that blockchain will transform how we keep track of our identities.
As we presently have to remember our passwords, the codes the majority of us rely upon are simple enough for hackers and systems to guess. To combat this, digital identities that are managed by companies, banks, governments, and other central authorities, could shift to storage on a decentralized ledger, or blockchain, under the full control of individuals.
With blockchain now spreading to mainstream consumer use, the decentralized methodology could create a self-sovereign ID, which uses cryptography to change how people identify themselves online. Blockchain startups are already trying to employ the idea of self-sovereign ID. We recently saw the world’s first Secure Quick Reliable Login (SQRL) that utilizes QR codes and public-key cryptography to achieve password-less logins, proving that usernames and passwords are far from necessary to achieve secure client-server relationships online.
Governments are also trying to utilize and adapt to these security developments. The city of Zug in Switzerland, have launched a project in collaboration with uPort; a startup whose identity management system relies on the Ethereum blockchain to provide self-sovereign IDs to its citizens. Brazil’s government are also experimenting with uPort’s features.
It is indubitable that technologists will need to create a user experience that is convincing and accessible enough to persuade users to abandon their familiar usernames and passwords. If they succeed, and consumers buy in, it could only be a matter of time before we no longer have to reconcile our own memory with the safety of our information.
How we are solving these problems
In line with this need, we have developed the first platform for mitigating this risk. Building on the power and security of distributed ledger technology, Augmate Connect is revolutionizing the way that IoT ecosystems operate.
And this is where your MATE™ in digital security comes in. We are currently in the third phase of our utility token sale, the MATE™ token. It has been designed to allow anyone to participate in the rise of the global ecosystem of human and device connectivity. To read more about the token and how you can participate, click the link here to read our white-paper. Are you willing to take the risk with your precious data and security?