On the latest installment of Block Stars, Ripple CTO David Schwartz speaks to the founders of Keyless, a deep-tech cybersecurity company whose innovative authentication and digital identity solutions could have a huge impact on the cryptocurrency experience.
Most people and companies say they care about security and privacy. However, these issues are often sacrificed for convenience or not even as an option when using popular online services and social networks.
Fabian believes the biggest friction when it comes to security and privacy is the authentication process that everyone uses several times a day: passwords.
“Authentication and identity management are pretty broken,” he says. “We have to memorize dozens, if not hundreds, of unique passwords and pins in order to access our online services, and we are constantly faced with this trade-off between prioritizing privacy and security over convenience.”
If you opt for more convenient sign-in tools like Google, Twitter, or Facebook Connect, users give up control of their data. Additional measures such as two-step authentication increase friction in online activities. While the system is cumbersome and time consuming for individuals, it is costly for companies, especially now that the COVID-19 crisis has exposed the vulnerabilities of employees who work from home.
“When you work from home, there are far fewer safety precautions,” continues Fabian. “The network security of your Wi-Fi is not as good as that of your corporate network. 80% of all data breaches involve weak or stolen passwords.”
Keyless’ innovative solution uses biometrics to help companies accept passwordless digital identities, protect remote workers, while providing customers with a robust authentication process. The company’s goal is to provide technologies such as facial recognition and behavioral biometrics for all digital interactions, especially for companies.
“Resetting passwords is expensive,” adds Paolo Gasti, co-founder of Keyless. “Users who are banned from their accounts are expensive and unable to get their jobs done.” Credential exploitation, credential filling out, phishing, impersonation – all of these are really, really expensive attacks. If there was a better way to authenticate, these problems would go away. We’re taking biometric authentication with data protection and using it to provide a secure way to manage keys. “
More convenient and secure logins are just the first benefit of better identity management. Check out the fourth episode of Block Stars to hear Paolo and Fabian talk about the breakthrough potential of biometrics for cryptocurrency users, why it can improve driving license acquisition, and how people can have more control over their personal information receive.