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Facebook has recently been in the spotlight for a security breach that compromised over 50 million accounts. This is a concern not only to those 50 million, but to the whole idea of centralized data storage, i.e. the entire internet ecosystem.
White Facebook was able to take control of the situation, this breach showcased the vulnerabilities of centralized authentication systems.
Being such a wealthy tech company both in human capital and in money, Facebook invested heavily in security systems. The breach therefore raises even bigger concerns for other websites and especially smaller ones that don’t have the security capabilities of Facebook or any of the other top-tier tech companies.
The solution to this problem could potentially be decentralized systems that don’t have a single point of failure.
The recent hack on Facebook could be the turning point that will mark the transition from centralized to decentralized systems.
The advantage of decentralized systems is that there is no single server to attack, especially when it comes to authentication, and that’s where blockchain-based Digibyte (DGB) comes in. With things like Digi-ID, it’s very possible to access online services without ever running the risk of hackers gaining access to your log-in credentials. That’s because, you simply scan a QR code, which then allows you to login into a website using your Digibyte wallet.
In this process, no personal information is sent, and your wallet information stays private. Essentially any website that requires users to create accounts can integrate Digi-ID into their systems.
So far no other blockchain protocol has this functionality nor matches the security capabilities of the DGB blockchain. That’s because the DGB blockchain is secured by 5 mining algorithms, which makes it unbreakable.
This strength is a huge head start in a multi-billion dollar cyber security market that is now in crisis as hackers become more bold and sophisticated, as according to cryptorecorder.com.
DGB has the potential to be integrated into social media, banking, merchant websites, and all other websites where authentication is required. Moreover, in the future it could be extended to other markets, such as the IoT market, the autonomous vehicles market, and more.