Businesses could go password-free with Unbound Tech’s new crypto-of-things platform

The blockchain cybersecurity firm’s new decentralized solution provides a secure and cost-effective alternative to traditional authentication methods

Unbound Tech, the global leader in cryptographic key management and protection, has announced the launch of a new login solution to enable businesses to go ‘password-less’. The Crypto-of-Things (CoT) platform is an endpoint security solution based on Unbound’s NextGen Key Orchestration Platform to remove the dependency on traditional authentication methods, yesterday’s press release stated. The decentralized key management system meant to replace hardware tokens can also be used to access blockchain wallets.

The system is aimed at enabling businesses to secure high-risk operations and authenticate transaction approvals without security, usability and cost-trade-offs, the firm explained. Unbound is looking to businesses relying on hardware tokens, software tokens and passwords, and trying to provide a ‘passwordless experience’.

Though the concept of going password-less has been explored for years, highly secure authentication systems are cumbersome or are not secure enough, Unbound CEO Yehuda Lindell claimed. “The biggest source of cloud breaches today is actually due to breaking authentication mechanisms. As such, this aspect of security is quickly becoming one of the most central and critical issues in achieving security,” he added.

The system is secured by ensuring that secrets such as cryptographic keys, credentials, or other private data never exists anywhere in complete form. They are stored through decentralization techniques across multiple devices, the firm revealed. Further, the authentication solution uses secure multiparty computation to sign a message. This is done to guarantee that the key is never fully revealed to any involved party.

“Unbound’s CoT leverages our advanced software that seamlessly integrates and leverages a business’s existing security policies while providing a unified interface with the highest degree of security for all types of devices,” explained Unbound Tech’s co-founder Professor Lindell.

The firm’s CoT solution allows businesses to manage cryptographic keys across devices and ensures that a key can be secured anywhere at any time. It is built to serve the needs of professionals in a device-driven world, the press release stated.

While software-only authentication platforms present security issues, hardware-based solutions are ill-suited for high-quality user experience and lead to operational difficulties. Unbound claims that its multi-factor authentication solution blends the best of both worlds by providing the highest degree of security in a cost-effective environment with improved customer service.

“As we continue to innovate and advance our cryptographic key management platform in support of the expanding needs of the global economy, we remain steadfast in our commitment to deliver the most advanced security in practice that enables organizations to reduce the cost of utilizing multifactor authentication, while improving  their customers’ experience,” stated Professor Lindell