Blockchain: not just for cryptocurrency but account management, too

By August 7, 2017

Blockchain, the encryption software behind Bitcoin and other cryptocurrencies, is now being configured for use by companies sharing information and login access.

Blockchain works by sharing a ledger amongst its network which acts as the source of truth for whatever information said network is sharing. Anytime an edit is made all ledgers must be in agreement, which provides safety since a breach would need to be able to edit all ledgers in order to successfully make an edit.

The technology has been used by cryptocurrencies since their inception, allowing for a decentralised accounting system. The security benefits are solid enough that companies are now looking beyond cryptocurrencies into other uses for protecting data.

Lockheed Martin, the world’s largest defence contractor, recently announced their intentions to use the technology for development of supply chain risk management. Filament are merging blockchain with wireless hardware to provide a secure Internet of Things environment. And Genecoin are going as far as being able to store your genetic code in blockchain allowing you to “become data”.

But developing this technology is a big and costly undertaking for any company.

With that, Vault One recently announced the launch of their Vault platform, allowing companies to use blockchain technology to use secure Privileged Account Management(PAM). PAM is the way in which companies store administrative credentials, database passwords, and social account credentials.

blockchain password protection

Leonardo Cooper, CEO of Vault One

Vault One is specifically targeting the smaller companies who wouldn’t otherwise have the resources to develop such sophisticated security. The platform organises sensitive information into tokens which are then granted server permission upon being validated.

“Password-secured security solutions have quickly become outdated, leaving millions of businesses vulnerable to breaches,” said Vault One’s CEO, Leonardo Cooper. “Blockchain solves this issue by upping security to the next level without compromising on accessibility – which is pivotal when it comes to running a business efficiently.”

The new product, Vault, will be offered free of charge to all small businesses and joins the Vault One product portfolio along with Vault One Application and Vault One Connect.