Hyperspace Technologies Limited has secured a patent for Blockchain technology-driven Multi-Factor Authentication (MFA).
Developed within the Hyperspace Technologies’ research and development division, cipherKEY tap2sign, MFA is a next-generation security system designed to leverage the decentralised nature of blockchain, the robustness of public/private key cryptography, and the convenience of Near Field Communication (NFC) 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 was granted on August 28, 2023.
Speaking on the certification, Akindeinde said: “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 have designed it to protect what matters most to you – your identity, your data, your peace of mind.”