How two-factor authentication works with blockchain
In this article, we discuss how two-factor authentication has been evolved to address the shortcoming of single authentication systems. We also discuss how we can utilize a blockchain technology to transform 2FA by migrating the centralized network into a decentralized blockchain network. As more Internet-of-Things devices require authentication credentials and users increase their repository of usernames and passwords for accessing web services, the emergence of 2FA solutions based on blockchain technology is inevitable.
Every organization has hundreds of applications and databases, and its employees access them every day using their credentials (that is, their username and password). An attacker with such valid credentials can bypass existing security solutions, as they look like a legitimate user. As per the Verizon Data Breach report in 2016, more than 63% of successful breaches involved compromised credentials. Two-factor authentication (2FA) provides an added layer to the existing credential-based system protection as a solution to this drastically growing problem. As such, in this article, we will cover the following two topics: