Blockchain and distributed ledger technology promises great improvements in online security, however there are still substantial problems to be solved in other areas of modern digital platforms.
Poor user password choices, lax standards for databases and weak website authentication measures all add up to potentially devastating security breaches that cause both lost revenue and lack of user confidence. It seems that almost every week there is another hack involving a cryptocurrency wallet or exchange, with examples including CoinDash, Parity, Enigma and Tether, in 2017 alone.
In addition to the vulnerability of websites and cryptocurrency wallets, there is also the substantial risk of identity theft. Identity management is generally poorly architected, with numerous standards being used and centralized platforms and institutions used to manage them.
Blockchain Acuity is working on novel solutions to the above problems with a new security solution that we refer to as
Know Your Customer (KYC) and Anti Money Laundering (AML) issues have long plagued cryptocurrency exchanges, along with multiple security breaches in recent years. By partnering with a major provider of cutting edge facial recognition solutions, Blockchain Acuity will lead the charge in protecting customer identities when used with exchanges.
Theft from cryptocurrency wallets is another major concern and Blockchain Acuity has developed a fully working prototype Bitcoin wallet that is unlocked using advanced facial recognition technology rather than a potentially weak password. This wallet can be modified to work with other cryptocurrencies, online services and related platforms.
If you're interested in having your blockchain-based assets protected by the latest in advanced technology, please feel free to get in touch: