CAN BLOCKCHAIN REPLACE YOUR PASSWORD AND MAKE IT MORE SECURE

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Can Blockchain Replace your password and
Make it More Secure

• Passwords are the bane of online existence as
  they are easy to forget, susceptible to getting
  stolen and a virtual doorway to ones personal
  information. Several studies have determined that
  given a choice, most people choose very weak
  passwords such as birthdays or phone numbers that
  make their accounts easy to crack. Additionally,
  the largest online businesses from Facebook to
  Target and Equifax, all are very susceptible to
  hacks because of their centralized model. Heres
  a look at how blockchain decentralization could
  revolutionize passwords and make our online
  presence more secure.

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The Problem Affecting Passwords

• According to the Verizon Data Breach
  Investigations Report (DBIR) of 2017, 81 of data
  breaches are caused due to hacked passwords.
  Verizons report states that the number of data
  breaches involving stolen or weak passwords has
  gone from 50 percent to 66 in recent years
  signifying a shift in the demographics of online
  users.

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• The remainder of the passwords is also easy to
  crack because users always use personal
  information to set these passwords so that they
  can easily recall passwords in the future. Other
  common passwords include the sequence 12345 and
  the word password for a large majority of
  people. But this leads to a huge vulnerability
  which affects almost all online businesses. Some
  of the biggest data breaches in the last 3 years
  include Facebooks breach which caused a record
  50 million peoples information susceptible to
  getting leaked along with Apple, Equifax, and
  Sony. Another common way that users get their
  passwords stolen online is phishing sites.

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• These are websites which are deliberately
  designed to trick the user into thinking that
  they are on a trusted website in order to steal
  their password. For instance, a fraudulent
  website that purports to be an official bank
  website could obtain all the users account
  information for personal gain. It is clear that
  passwords are a cause for much concern as cyber
  attacks in 2017 cost U.S. enterprises an average
  of 1.3 million.

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• While some of the attacks described above such as
  phishing attacks can be solved by password
  management services which check for a websites
  security certificate before sharing passwords,
  others are harder to prevent. Even the popular
  password manager service LastPass suffered a hack
  in 2017 which should be very concerning for
  people considering using one

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• The problem in all of these scenarios remains one
  of architecture, specifically that of centralized
  systems. Centralized systems become an easy
  target for hackers because they pose a single
  point of failure from which hackers can make a
  lot of money with a single successful attack.
  Blockchains have to potential to democratize
  password management to a much greater extent
  which could really increase security online.

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Blockchain and Passwords

• Blockchains can usher in an era of passwordless
  logins making usernames and passwords obsolete.
  For instance, the popular hardware wallets Ledger
  and Trezor both allow for users to physically
  click a button on the device to log in to a
  website such as MyEtherWallet. The Digital
  Signature that only the device is capable of
  generating is the only way to gain access to the
  unlocked wallet in this case.

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• This makes the transaction much more secure as
  the private key used for generating the Digital
  Signature that never leaves the device and there
  is no way for hackers to access it. Another
  blockchain based password solution is SQRL or
  Secure, Quick, Reliable Login which uses public
  key cryptography to ensure security while
  employing QR codes to make the process more
  accessible to everyone. The software solution
  typically uses a link of the scheme sqrl// or
  optionally a QR code, where a user authenticates
  using a zero-knowledge proof rather than
  providing a user ID and password.

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• As discussed above, the key issue remains that of
  centralized servers responsible for
  authentication. REMME is a blockchain based
  startup that is fundamentally tackling that exact
  problem. Instead of a password, REMME gives each
  device a specific SSL certificate. At the time of
  login, users get a prompt on their device asking
  for signature that utilized the SSL certificate.

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• There would be no way to forge an SSL
  certificate, giving users complete control over
  their passwords without relying on a centralized
  service. REMME is trying to build a distributed
  Public Key Infrastructure (PKI) management on top
  of the x.509 standard using blockchain
  technology.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Expertv2
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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