Crypto tools could transform website infrastructure, Verida CEO says
Link copied to
Crypto-based tools could put an end to the hassle of remembering website passwords with new tools that create single sign-on solutions, an Adelaide entrepreneur has told Australian Blockchain Week.
Chris Were, the co-founder and chief executive of Verida, said that while many websites have moved to using Google or Facebook logins, those leave users vulnerable to phishing as well as being tracked across the internet.
Verida is developing blockchain-based tools that would let users manage their own data, possibly including health records, government credentials such as passports and drivers’ licenses and gaming assets. Users could control where their data is stored using the Verida Vault solution.
“When you start to think of private/key underpinning connections, we can actually create a powerful authentication system that is user-controlled, and also incredibly secure, with anti-phishing protection,” Were said.
“There’s that a lot of interesting security issues that exist today in the web two world, that with maturity, the web three world will completely eliminate,” he continued. “That’s obviously great for consumers.”
Were told the audience at The Precinct in Brisbane on Friday that he agreed with the cliche that the user “is the product” in the web two world.
“In this new model, once you sort of extrapolate further, and you own your own data, it completes changes the power dynamic, as as a business, as an entity.”
Someone might decided to share their medical data with heart disease researchers for free, or perhaps decide to earn a bit of income sharing their personal information, he said.
“It’s all about user control, user access, and user-driven decision making,” Were said.
Web 3 tools will also eliminate the “honeypot” of big databases that draw hackers so they can gain the records of huge numbers of people, Were promised.
“Now in this model, everyone’s data is stored in different places, there’s no centralised attack point. So the economics of actually performing a hack, it’s eliminated overnight.”
Were said Verida has developed a software development kit, or SDK, so developers can build on the tools it is offering.