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: What is 2FA and Blockchain for 2FA.
The Government Blockchain Association (GBA) announced that the European Commission’s TITANIUM former Project Lead, Dr. Ross King, will be speaking at the Legal, Law Enforcement and Cybersecurity Forum during Government Blockchain Week in May 2021. This weeklong blockchain event will bring together policy makers in government, finance, and law enforcement from around the world to the US Capitol in Washington DC.
Integrated into one of the most complex industries, blockchain technology can help legislation catch up with the exciting developments in cannabis medicine. At the same time, implementing blockchain in pharmacies can help provide patients with a wider variety of treatment options. In a fast-paced industry, where innovation drives growth, blockchain is the next step in encouraging access and security for cannabinoid-based medicine.
Health and safety incidents have become the leading financial loss drivers for businesses around the globe, with cumulative losses now outstripping the costs of more high-profile disruptions such as cyber-attacks or IT outages.