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When was the last time you rushed for your phone saying, “OTP will go inactive!!!”? Well, that’s our scene every now and then, isn’t it?
What if we tell you that from now on, you will never need an OTP or a password for these logins?
Yes, that’s true. And Hypersign is making this possible!
In today’s world, our personal data is our asset. And when we log in on different platforms using usernames and passwords, as well as our critical information like the credit card number, this becomes not just a honeypot, but an entire barbeque for the hackers!
How?
Our data is stored on the servers of the service providers (Facebook, Google, etc). Recall the famous data breach of Yahoo in 2013, where the data of 3 billion users was hacked by Russian spies.
Companies are trying to become smarter in cybersecurity, but so are the hackers! Moreover, these companies use our data for selling and advertising purposes.
And while they sell your data, you are compromising your identity in the internet world. Your data is linked to your identity, the identity that defines you and distinguishes you from rest of the world. It’s the most fundamental aspect of human beings, and we are handing it over to others just by a single click!
In the decentralized world, something known as the Self-Sovereign Identity comes into the picture. The idea is that any individual should own and control their identity without the intervening administrative authorities. It’s much better because you avoid the long documentation every time, as well as you have control over your data and identity.
In the world of Web3 too, there exists a digital decentralised identity. A digital wallet empowers us to own and control credentials. This wallet is not tied to any one resource. Authorised sources will issue some credentials to us that are standard based.
These credentials can then be used on different platforms.
When we present our credentials with decentralized identifiers, it uses cryptographic impressions to verify the identity.
Hypersign is a privacy-preserving solution. Through its high-end technology that uses blockchain and PKI or a Public Key Infrastructure that controls the issuance of unique identities for users, it gives the user the ultimate power- the power to control their data!
Current Scenario
As you can see in the above illustration, when we are using websites all day long, every website is accessing our data and using it in its own way. How insecure is that?!!
Hypersign scenario.
For understanding, let’s consider three main characters in our case, the User, the Service Provider, and the Identity Issuer.
There are two important points to note down about the above login process.
Wait, you might be wondering, what is DID?
DID stands for a Decentralised Identifier. You can consider them as cryptographically secured IDs that the owner can use, control, and create. It helps us secure our own data on the web.
Let's understand this process in detail. Our three characters, the user, the identity provider, and the service providers can be seen in the graphic.
We, as users, will send the data to the Identity Provider. This identity provider takes the data and verifies it. Doing this, it does not need to store your data anywhere. This makes it a ‘Stateless server’. On the other hand, it can also encrypt your data for the time being. This means you have not lost your data to the identity provider.
After verifying you, as the user with the correct identity, IDP will issue a co-signed cryptographic document. All you have to do is co-sign this document. Once this step is done,
You will share your credentials and information in the form of this authenticated cryptographic to all the websites that are linked to the IDP.
Hence, no passwords, no authentication requests, and no OTPs. You will just have to scan a QR code and hypersign will do the work for you!
Now that’s a genius solution, isn't it?
You can check more about Hypersign here: https://hypersign.id/
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