Verizon reveals blockchain-based cybersecurity

Monday 9 March 2020 12:43 CET | News

Verizon Business has revealed two blockchain-based cybersecurity systems, marking the first time the company has used blockchain for cybersecurity. 

The first, Verizon Identity (VID), stores information about users’ log in credentials in a ‘digital identity safe’ on mobile phones. This aims to eliminate the need for passwords, and it integrates multi-factor authentication and biometrics data, and meets the standards of government data protection laws and cryptography standards. The second, dubbed Verizon’s Machine State Integrity, sources information from decentralised systems, like smart cities or power grids, and crunches numbers into ‘clear, actionable insights on potential compliance and security issues’, according to Decrypt. Moreovre, it will go live in the US in Q2 of 2020. 

Moreover, the company believes that blockhain’s distributed database is more secure than centralised alternatives because there is no central point of failure or single point of entry.

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Keywords: Verizon, blockchain, cybersecurity, distributed database, digital identity, government, data protection, compliance, security
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime