Verizon Business has revealed that it is tapping blockchain-based technology to enhance its security services consisting of the new administration as well as identity access systems.
The two systems are Verizon Machine State Integrity as well as Verizon Identity (VID) that are developed on top of blockchain technology, the US-based technology company said on March 5, 2019.
The firm explained that for the VID system, the identity information and data is encrypted and then distributed via various servers within the blockchain, therefore, there is no centralized case where cybercriminals can launch an attack.
As per the firm, Verizon ID will enable users to hold their access detail in a secure virtual environment in their smartphones. This means that users will easily access and validate their security details with ease.
The new solutions are meant to address existing problems. In recent research by Verizon on data breach, indicated that at least 29 percent of all the breaches investigated were as a result of stolen credentials.
Consequently, the Verizon Machine State Integrity is set to gain operational data via entirely decentralized environments in order to provide a bigger picture of the state of the machine rather than just logs. The chief product officer at Verizon Business, Alex Schlager explained,
“Cybercrime is a daily threat to every organization and government across the globe. Our 2019 Data Breach Investigations Report highlighted that financially motivated cyberattacks are increasing across the board, and that C-level executives are increasingly and proactively targeted by social breaches, linked to (for example) stolen credentials. […] These Verizon solutions offer a significant step forward in cybersecurity protection.”
Verizon also clarified that the VID solution can be accessed by users around the world. However, the Verizon State Integrity is set to be availed to the US clients starting from the second quarter of 2020.