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What is DeFi, and why are Identity And Access Solutions necessary?

Identity and Access Solutions

secure growth via robust identity andaccess solutions. Assess your cyber posture and get in touch with their cybersecurity consultants today! The world is gearing up for the next wave of DeFi. Decentralized Finance, popularly known as DeFi, came into relevance in 2009 with the launch of Bitcoin, the first p2p digital coin asset. With the accelerated adoption of blockchain technology, several others followed suit and created many cryptocurrencies that we're familiar with today, such as Ethereum, BNB, Cardano, Binance, etc. 

Re-entrancy attacks, 51% attacks, and Flash loan attacks have been the most devastating cyber threats the DeFi industry has faced until now. For many DeFi can be baffling and unsafe. The lag in charting out policies and regulations to fortify this segment by government authorities across the globe further enhances the risks. It has led DeFi and blockchain technology units to step up their cyber defense by rethinking their identity and access solutions. Recent cybersecurity initiatives must -

●        Address regulator's requirements

●        Alleviate investors’ concerns

●        Not infringe upon consumers' privacy and confidentiality

Enter DIDs or Decentralized IDs, which uphold user privacy and sovereignty by leveraging blockchains, smart contracts, and Non-Fungible Tokens (NFTs). Zero-knowledge proof, or ZKP technology, is on the rise. This allows users to log in with their credentials and prove their identities without necessarily revealing their names or other identifying information to the verifier. Another incentivized approach to encourage data loss prevention among consumers and reduce fraud is to issue badges or tokens. Trusted customers following best practices and using products and services for long periods can be given privileged memberships/ VIP features, while those trying to attack platforms with ill intent would immediately be flagged. Rolling these solutions out on maximized scale will require the private and public sectors to join forces in advanced threat detection, policy regulation, and implementation.

Cybalt is a leading cybersecurity company that can help businesses secure growth via robust identity and access solutions. Assess your cyber posture and get in touch with their cybersecurity consultants today!

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