BaaSid has developed authentication and storage that most clearly utilizes blockchain technology

www.bloomberg.com/press-releases/2021-07-01/baasid-has-developed-authentication-and-storage-that-most-clearly-utilizes-blockchain-technology


BaaSid has developed authentication and storage that most clearly utilizes
                            blockchain technology

  PR Newswire

  SINGAPORE, July 1, 2021

SINGAPORE, July 1, 2021 /PRNewswire/ -- A multinational company located in the
Asian countries of Taiwan, Japan, Korea, Singapore, and Malaysia, BaaSid aims
to focus on blockchain technology application development. Since blockchain
has been around for quite some time now, many developing countries, with the
help of multinational corporations, are currently exploring and developing
blockchain-based applications to support their financial sectors. We are
witnessing FinTech applications splurging at the forefront of blockchain
adoption.

Many open banking investors have faced many unpleasant issues with identity,
safety, and verification of information exchange. Therefore, different
enterprises have started paying much more attention than before to
blockchain-based decentralized identification that can solve issues with the
modernization of information security.

What's more, other industries have also realized that blockchain technology
could revolutionize their respective work areas. The global
blockchain-as-a-service (BaaS) market size is set to reach USD 24.94 billion
by 2027, exhibiting an impressive CAGR of 39.5% during the forecast period.
This growth is attributable to the participation from prominent technology
providers like IBM, Oracle Corporation etc. Baasid believes that blockchain
technology has everything it needs to revolutionize the structural operations
of the Internet. Enterprises need to follow techniques to stand out in the
market. With the rise of market, investments, and prices in blockchain
technology, Blockchain may replace many traditional technologies, becoming one
of the most important innovations of the modern digital era

BaaSid identifies users only with blockchain and multiple nodes without
original data, and performs 2FA and MFA more securely. It is an extension of
BaaS (Blockchain as a service), a concept that entails an opportunity for
individuals to borrow Blockchain-based benefits partially or entirely. This
platform operates without a centralized database server. BaaSid suggested that
enterprises would leverage the popularity of blockchain to attempt and
research more of its applications.

A regular Blockchain is an encrypted form of the ledger prone to hackers since
the data stored comes from numerous internet users, each being stored the same
way. But BaaSid introduced a system where the data set is distributed and
stored in its unique way. It, therefore, counters the limitations of
Blockchain. It will also significantly reduce the costs of security and
maintenance issues such as buying firewalls and loss of data. There is also no
unwanted disturbance or interference from third parties, banks, or
governmental organizations.

When an individual's data is sent into a network, it is split into hundreds of
tiny fragments, divided into thousands of different nodes of a single data
set. This model helps to separate anonymous individual data that are then
stored systematically. A decentralized split ID is a tiny portion of a
person's entire identity within the database.

BaaSid  has commercialized secure and high-speed authentication and
decentralized storage on a cloud-based basis using such decentralized storage.

BaaSid being a decentralized hub, locks down sensitive information like
passwords, email addresses and usernames, credentials, biometric data, phone
numbers, domain names, and credit card pins in a way that makes it utterly
inaccessible by a second party, almost as if it vanishes. It also serves as
the means of identification and ID verification. Internet providers and
organizations can log in securely and discreetly to their business centers and
hubs all across the globe.

BasSid claims that if a company uses a BaaS based system, unauthorized access
will likely never occur. It provides its users with a login id, instant
membership, and authentication of payment. Also, authorized access to the
information embedded in the database is highly restricted. The participants in
a split-id use only the instant access in a one-time package to access the
report. This method of one-time access automatically confirms the
participant's verification. This technology supersedes the need for a user
database, identification, or any storage of private information. This also
ensures un-hindered operations as no third-party certification is required.

Authentication and cloud services based on BaaSid's decentralized storage are
expected to grow as core technologies for next-generation IT security.