Hyperspace Technologies Limited, a Lagos-based Web3 startup specializing in next-level smart security infrastructure and key management systems, has secured a patent for its Blockchain technology-driven Multi-Factor Authentication (MFA).
Developed within the Hyperspace Technologies’ research and development (R&D) division, cipherKEY tap2sign™ MFA is a next-generation security system designed to leverage the decentralized nature of blockchain, the robustness of public/ private key cryptography, and the convenience of NFC (Near Field Communication) technology to provide an unprecedented level of security against identity theft, phishing, and social engineering attacks
Dr. Oluseyi Akindeinde has been credited as the inventor of this MFA that is poised to enhance a security system that requires more than one method of authentication from independent categories of credentials to verify the user’s identity.
The patent application was officially filed on June 22, 2023, and the patent certificate, sighted by our reporter, indicates that it was granted on August 28, 2023.
In the age of digital transformation, security is paramount. As individuals, businesses and nations increasingly rely on digital platforms for everything from banking to social networking, the need for robust security measures has never been more critical.
One such measure is Multi-Factor Authentication (MFA), a security system that requires more than one method of authentication from independent categories of credentials to verify the user’s identity.
Today, Hyperspace Limited has introduced cipherKEY tap2sign™, a groundbreaking MFA technology that leverages the security of public/private keys, blockchain, Web3 technology, and contactless Near Field Communication (NFC) cards.
It utilizes the concept of “proof of possession” and a fourth factor of authentication – “something you do”.
In the case of cipherKEY tap2sign™, “something you have” is the cipherKEY NFC card, and “something you do” is the action of tapping the cipherKEY NFC card against your phone.
This unique combination of factors makes thetap2sign™ system incredibly secure and user-friendly. Before securing the patent, the Blockchain technology-driven MFA was subjected to rigorous reviews and tests.
Dr. Akindeinde’s inspiration for creating this MFA stemmed from his advocacies for blockchain technology-driven authentication processes.
“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, 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.
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