The market for consumer identity and access management is booming, thanks to the broad adoption of mobile and the Internet of Things. According to Allied Market Research, smartphone adoption is driving this: Consumer IAM solutions with flexible functionality to handle growing network traffic, burgeoning demand, and peak usage requirements of consumers for diverse applications are likely to provide multiple chances for the global identity and access management market to expand and develop.
Hyper-sign looked into a number of issues with social logins, including user personal data storage, tracking and tracing, data misuse, and legacy authentication using passwords that need too much trust. The OTP is generated through SMS channels, which are not secure. Furthermore, because phone numbers have become crucial pieces of personal information, end users are hesitant to share them. Polkadot & Ethereum.
What is Hypersign?
Hypersign is a cross-chain Identity protocol and whitelisting solution built on Polkadot & Ethereum. This protocol utilizes public key infrastructure and blockchain technologies to provide various services without the requirement of a password. This services ranges from authentication, verification to authorization, although, they are compatible with legacy IAN systems at a cheaper rate.
Mission of Hypersign
The mission of Hypersign is primarily ensuring that users are who they are. Hence, the main mission of hypersign is listed below:
· Eliminating Data Breaches
· Empowering humans with the mandate to regain control of their personal data.
· Democratizing security for organizations at convincing prices
Challenges Hypersign intends to Resolve
The challenges are divided into two; problem associated with consumer facing IAM and problem associated with employee facing IAM systems.
1. Problem Associated with Consuming Facing Identity and Access Management:
In comparison with social logins, OTP-based authentication appears to be a better solution because it provides some sort of guarantee to service providers that the user actually owns the phone number or device, since it is not feasible for a user to share his mobile device with a third party.
The OTP is generated through SMS channels, which are not secure. This is due to a combination of factors. First, SMS OTP security is based on the confidentiality of SMS messages, which is next based on the security of cellular networks. Furthermore, cellular network traffic is not encrypted by default in some countries, such as India, and mobile network providers stop wireless encryption of SMS and call traffic to reduce network burden.
The social login feature allows service providers to swiftly onboard users without having them to register. This allows service providers to deliver seamless onboarding to their users while also allowing consumers to avoid having to type their personal information such as name, email, and phone number every time they need to access a service. Most of the social logins providers like Facebook, Google, etc. still rellies on a password based authentication and the problems with this outdated technique are fairly renowned such as password resets, password hacks, forgetting passwords and more. Furthermore, the hassle of remembering several usernames and passwords for each of these services is removed. Finally, in order to establish a customer profile, the service provider obtains user data from the social login provider (also known as an identity provider, or IDP).
When a user tries to access a service through Social Logins, this is a huge risk for the Service Provider. If a user is unable to log in due to a password issue, the service provider will experience a direct loss of business because users will be unable to access their services.
Basically, OTP is always used as a secondary element because it does not provide enough confidence to verify who the user is. When employed as a second or third factor authentication method, it has a significant impact on the user’s ability to access services.
2. Problem of Employee facing Applications
According to research, passwords are weakest link as passwords can be easily shared. Organizations prefer to manage their own identity provider system rather than relying on a third-party service. This not only allows them to get control over their employees’ data, but it also allows them to substantially cut the rate of the passwordless Identity and Access Management solutions. The key problem in disrupting the identity management market is to provide an enterprise with enhanced security at an affordable rate. Although this is relatively simple to achieve from a technological standpoint, huge organizations are attempting to consolidate control on the business side.
What does Hypersign do to mitigate this Problem
As previously stated, Hypersign is a decentralized identification platform and access management infrastructure that utilizes public key infrastructure (PKI) and blockchain technologies to provide password-less authentication, authorization, and verification services that can be set up in minutes and are compatible with legacy IAM systems at a low cost.
Hypersign is based on the Issuance-Verification paradigm, in which three parties are involved namely; The user, Identity Provider and Service Provider. The users have access services and regain control over their personal data, the identity providers are responsible for the verification of user-data and issues out credentials based on available user-data. While the service provider is responsible for credential verification. Hypersign is responsible for distributing this components.
The credential which can be verified consists of user data as well as the issuer’s digital signature. The issuer does not need to store user data at this point and can behave as a stateless server. The Issuer has the option of storing data in encrypted form for recovery or future access. The end-user can keep the verifiable credential in any user-agent that only they have access to, such as a mobile device or a cloud agent. This offers the end-user authority over their own personal information.
When users want to utilize a service, they can now present this credential to the service provider in a peer-to-peer manner without informing the identity provider or the issuer. This provides a sense of privacy to the end user. The end-user additionally adds his digital signature to the document before releasing the verifiable credential.
The verifier or service provider can receive user data from the verifiable credential and validate the user’s and identity provider’s digital signatures.
The native token for hypersign is HID and currently, the maximum supply as at 29th of August is stated to 50,000,000 and the live Hypersign identity price today is $0.144453 USD with a 24-hour trading volume of $21,312.97 USD. HID is being traded on Uniswap with address on CoinMarketCap.
Hypersign, not only enables websites to authenticate users, it also enables users to ensure that the website is safe before sharing any critical information. Hypersign has a lot of functionality. Without the identity provider being online, the service provider can validate user information. Because the Blockchain provides a global tamper-proof register, all parties can change this information.
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