• Tuesday, February 27, 2024
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Hyperspace Technologies secures blockchain patent to enhance identity protection

Building a Future with Blockchain: A Pathway for Nigeria

Oluseyi Akindeinde, founder of Hyperspace Technologies Limited has secured a patent for its revolutionary Multi-Factor Authentication (MFA) system powered by blockchain technology.

Developed within the company’s dedicated research and development (R&D) division, the cipherKEY tap2sign™ MFA will usher in a new era of digital security, combatting identity theft, phishing, and social engineering attacks like never before.

The patent application for this technology was officially filed on June 22, 2023, and the patent certificate was granted on August 28, 2023.

In today’s age of relentless digital transformation, the imperative for robust security measures has never been more pressing. As individuals, businesses, and entire nations increasingly rely on digital platforms for everything from financial transactions to social networking, the vulnerability to cyber threats continues to grow.

Multi-factor authentication (MFA) has emerged as a crucial defence against these threats, requiring users to authenticate their identity through multiple independent methods. Hyperspace Limited has now introduced cipherKEY tap2sign™, a game-changing MFA technology that ingeniously combines the security of public/private keys, blockchain, Web3 technology, and Near Field Communication (NFC) cards.

Read also: Africa’s investment in Blockchain technology increased by 1668% – report

What sets cipherKEY tap2sign™ apart is its incorporation of the “proof of possession” concept and the introduction of a fourth factor of authentication – “something you do.” In this system, “something you have” refers to the cipherKEY NFC card, while “something you do” involves the simple action of tapping the cipherKEY NFC card against your phone. This unique fusion of factors not only fortifies security but also offers a user-friendly experience.

Prior to receiving the patent, the blockchain-driven MFA system underwent rigorous reviews and testing to ensure its robustness and reliability in real-world scenarios.

Read also: Operators task industry regulators to consider blockchain technology

Akindeinde’s motivation for creating this MFA system is rooted in his unwavering belief in blockchain-driven authentication processes. In a statement, he expressed the significance of cipherKEY tap2sign™ MFA in an increasingly perilous digital landscape:

“In a world where our digital identities are increasingly under threat, where a single misstep can compromise your entire network, where every transaction we make leaves us vulnerable, we understand your concern. We understand the sleepless nights. And that’s why we’ve spent years developing cipherKEYtap2sign™ MFA – your ironclad solution to security threats.

“Imagine a wall. A wall so high and so robust, that nothing unauthorized can get over it, under it, or through it. That wall is the cipherKEY tap2sign™ MFA, and we’ve designed it to protect what matters most to you – your identity, your data, your peace of mind”, he said.