Keypasco has been working in the field of online authentication since 2010 […]
The Swedish IT security company Keypasco has been working in the field of online authentication since 2010, providing its unique patented solution to millions of end-users worldwide. To expand in to the future Keypasco are now developing their solution in to the world of blockchain. With a clear goal set — to secure all virtual property on blockchain.
Blockchain technology is here to stay. With this in mind Keypasco has developed a blockchain based security solution for the present, and the future.
Maw-Tsong Lin, Founder & CEO of Keypasco, comments: “Internet has changed the world, and mostly for the better, but many services have insufficient security. Privacy and integrity has become major issues today. Blockchain is based on trust and openness, but the risk of fraud has increased significantly. But the risk is unnecessary, KeypascoID can make blockchain more secure and more user-friendly than the Internet has ever been.”
In traditional banking, the assets are related to a person. In Blockchain, the assets are related to a private key. To gain access you need to have the private key. The problem is that anyone who has the private key can claim the assets connected to it. And if the private key is lost, so are the assets connected to it.
Managing the private key is therefore a real problem. Most of today’s solutions try to solve the problem by adding additional layers, like hardware devices or One Time Passwords (OTP). Keypasco has solved the problem at its core; if you do not store the private key, there is nothing to steel or lose.
“The new blockchain solution focuses initially on solving three issues, Private Key Storage & Recovery, micropayments and secure anonymous and non anonymous authentication.” Per Skygebjerg, Co-founder & COO
The new blockchain adapted solution, KeypascoID, is a distributed Federated Single Sign On Service (SSO) for hundreds of millions of end-users, for access to hundreds of millions of online service providers both on blockchain and traditional Internet market.
“By splitting the private key, Keypascos patented technology can protect the private key in a simple yet secure way. Since it does not exist in its entirety anywhere, it cannot be stolen. The Keypasco blockchain echo-system offers an open platform, it will be very exciting to see all the new innovative applications and services that the future will bring using the KeypascoID.” Lars Borchardt, CTO
The blockchain expansion will start with an Initial Coin Offering (ICO) in May.