Before you check your email, Instagram, or bank account, you must enter the password. This is not difficult as most of us memorize or passwords just the way we would remember the game scores or someone’s birth date.
For a variety of reasons, people may choose not to add any passwords at all. They assume that they do not have anything valuable on the computers and therefore it won’t get hacked
Others may use only a very simplistic password that means using something normal like “123456” or using an old login or just making fundamental changes to the existing password.
This is actually very careless as long-term ignorance of the passwords can be very dangerous. Just ask yourself how similar is the password that protects your important documents and files. Unfortunately, the answer to this is that they are almost the same.
Humans find it difficult to remember the strong passwords for apps, platforms, and accounts, so they tend to keep either identical or similar passwords. Few of them actually remember tens of long phrases, and with computing technology becoming complicated, this becomes a huge risk. Thankfully this means the blockchain will make these concepts useless.
What’s Wrong With Passwords?
Taking your strong password and modifying it a bit is not a big hurdle for those who are adept at hacking the device. Apart from that, most of the hackers use computers to do so, and it is easy for a computer to make these changes and guess the password.
Computers have powerful algorithms, and they can use brutal techniques to guess the various combinations of numbers and letters within seconds. Even if you think your password is well thought of, this is very easy for them.
However, if your password is easy to guess, the fraudsters have a field day. Once they get your details, it is very simple to access the rest of the accounts.
Phishing emails you receive usually look genuine and may force you to change the password or install software that would spy on the keys that you are pressing. Whatever you do, these methods can swiftly guess the password and then use this information to grab the rest of the sensitive information.
This may be a threat to individuals, but for the companies which are still stuck on passwords, the risk increases multifold.
The problem with the passwords is that they still exist and are being used. But there were only a few alternatives available to ensure the same until the blockchain entered the fray and simplified things.
Credentials Courtesy Of Blockchain
Nowadays, blockchain use is increasing, and developers and businessmen are both impressed with the powerful, decentralized methodology it offers. The first significant application that blockchain delivered was creating a self-sovereign ID that uses cryptography and network cohesion to modify the way people identify themselves when they are online.
At the end of blockchain is the public ledger system that records all the data transactions on the network and shares it in real-time between different active nodes. But there is no central authority that would help organize it.
On the flip side, the algorithmic consensus sees the importance of transactions and their order on the ledger, thus creating a shared authority over what is done on the network.
Apart from that, the blockchain uses the highest standards of cryptography and creates a layer between one’s public blockchain address and the real identity. The user is assigned a personal ID that gets paired with the public ID that represents them on the chain.
When the user receives any data, it could be in the form of a cryptocurrency trade or message; the recipient has to use their private ID and then only access it. The defense means that the hackers do not have a way to corrupt this network -because of decentralization-but also since there is no way to tie information to one particular transaction or account.
Putting Next-Generation Passwords Through Their Paces
The Blockchain start-ups are working hard to adopt this idea of self-sovereign ID into use, thus making the passwords a thing to forget. Companies like SelfKey are embracing the new authentication paradigm and offering the citizens of any country a way to apply and verify critical documents across borders. Some other companies like LastPass store encrypted passwords in their private accounts and have been attracting many users in the last some years.
Things like applying for passports, opening a bank account, starting a charity, and adopting other processes can be easily managed when the person has his own digital ID and could use it freely and safely irrespective of how complex the components of their livelihood are.
REMME is another access protection system, and its token sale has reached a capitalization of $20 million in February. It adopts the crucial details of blockchain into an application that has a simple purpose: that is the ability to help log in to any service securely, especially since the passwords are not involved here.
The REMME blockchain, on the other hand, will store the user’s unique device certificates on the decentralized network, so when they want to access any web property or an application, they just have to click the REMME button and log in. This application will check the ledger and verify that the correct device certificate asks for entry and allows access into their account.
The Two-factor authentication provides strength to the deal, so in case the user wants to enter into their bank account, they just have to press the button on the bank’s page and confirm it from their phone. This service is way ahead of the present password managers like LastPass or NoPassword and is getting accepted in the marketplace.
These are just a few of the most established methods available of how the blockchain is modifying the idea of using digital credentials. The users do not have to reconcile the memory with their safety, and neither do they have to entrust the login information to the centralized authorities.