CloudMinds, SoftBank Partner For New Blockchain Authentication Security Protocol
CloudMinds is a major robotics company, but they have made the decision to join an investment and telecommunications brand in Japan to use blockchain. The Japanese brand, Softbank, will partner to find better authentication solutions for both parties, which they stated in an announcement on May 30th, 2018.
With this solution, consumers will no longer need to use a login ID and password to access their accounts on any given website. Instead, the program connects with their mobile phone and logs the access as a block on the blockchain. The reason that both companies are necessary to this process is because CloudMinds contributes their ability to use smartphone devices to authenticate and Softbank offers their user-focused authentications. The joint effort results in an SDP protocol, which has a high security against DDoS attacks.
The entire outline of the secure login verification is innovative, considering that it works to secure every login on every website, rather than only relying on the security of a single company’s login. However, the Vice President of SoftBank, Takeshi Fukuizumi, is realistic about the difficulties ahead with on-boarding devices, authorization from third-party entities, and network connectivity.
In a statement, the Vice President stated:
“I believe that our collaboration with CloudMinds will make substantial progress in authentication of Fintech and IoT device and service management. The CloudMinds authentication solution is based on a universal security framework, therefore, it can be applied to payment service which requires high security.”
CloudMinds has been around since 2015, and it verifies each transaction with a technology called “Legitamate Proof-Of-Work” (LPoW). In reports from the company, it has managed to defend the platform against 51% of security attacks, which have recently infiltrated multiple cryptocurrencies that are prominent in the industry.
The main application for this technology is it's used in with an enterprise called the Identity of Things (IDoT), which lets different devices connect through a single platform. Basically, anything considered an intelligent device, like a smartphone, can verify the validity of another device on the network. Permissioned Chain (CMPC) technology allows for a sense of hierarchy between the devices, giving authority of one over the other.
One of the ways that SoftBank is prepared for this partnership is due to the existing collaboration they have between themselves and Arm, who supplies technology around the world in the form of chips. The Arm-based computing chips should enable the blockchain to be stronger and accept higher performance.