BidiPass is a blockchain-powered authentication protocol for increased security in any user authentication process.
Problem
As technology is increasingly integrated into our daily interactions, whether communicative or transactional, our activities are becoming more digitised by the day. This has unfortunately left us vulnerable to identity theft and fraud — the number of identity theft victims in the US rose to over 16.7 million in 2017 with an estimated cost of nearly $17 billion. In this predominantly digital environment, it has become increasingly difficult to determine if our interactions are genuine and authentic.
Unfortunately, age-old methods like password protection are becoming less and less powerful against sophisticated hackers who target anyone from individuals to powerful corporations. With a fundamental lack of trust in our online communities, how do we build transparency and trust?
Solution
Just like banks who ask for two forms of identification when approving transactions, now BidiPass is making this process digitally and widely accessible by leveraging biometric data such as Fingerprint and Face ID. It is a cryptographic identity authentication protocol that ensures genuine transactions through two-factor authentication (2FA) and the additional reliability of biometric verification.
Similar to the Google Authenticator, BidiPass requires the user to use two verification methods to prove one’s identity. But BidiPass takes security a step further by using biometric data (Fingerprint or Face ID) rather than just confirming the user’s possession of his mobile device, which can easily be in the hands of someone else without the system catching on.
Through this simple but unique approach, BidiPass marries the usability of current 2FA solutions with a patented, industry-standard elliptic curve encryption that takes authentication to another level. While designed to be integrated easily into any existing system, BidiPass is still powerful enough to deliver full digital security.
Our goal is to truly optimise the verification process for all web-based transactions by providing a trustworthy, seamless and versatile authentication method that brings top-tier security to the laymen.
To summarise, BidiPass is an enterprise-level blockchain software that can help any online business optimise their KYC process with increased security, convenience, and an effortless customer experience.
How does it work?
The BidiPass solution uses a unique hybrid blockchain approach to authenticate existing customer records and authorize their actions, insuring that only the intended user is granted access.
This hybrid approach consists of utilizing multiple blockchains in conjunction with the industry standard one-time password (OTP/HOTP standard, IETF RFC 4226). With BidiPass, every action has its own immutable and provable record on the blockchain, along with an assigned OTP token that enables a unique, two-layer peer-to-peer (P2P) security channel.
The BidiPass verification process happens in 4 easy steps:
Here’s an example of a Bidipass interaction between a user and an exchange using Bidipass:
- Request Action — The User would like to access his/her funds and the Exchange receives a request for this transaction.
- Request Approval — The Exchange then requests the User to authenticate their identity through the BidiPass platform which is directly integrated with the Exchange.
- User Consent — The User uses their mobile device to scan their biometric data point (Fingerprint or Face ID) and generate an encryption key. After having the encryption key released, an OTP (one-time password) token is generated through the BidiPass platform, the data is signed using ECC (Elliptic-Curve Cryptography) and it is sent to the BidiPass blockchain.
- Response Validation — The Exchange receives the User’s response to the request and validates the OTP code the User enters. If the response is valid, the Exchange accepts it and sends a signed transaction back to the BidiPass blockchain.
Thanks to an easy-to-use SDK available in several languages (NodeJS), this powerful BidiPass protocol can be quickly integrated with virtually any existing application infrastructure. Anyone with an online business will be able to incorporate BidiPass into their codebase quickly and easily, reducing development costs while providing additional security to their customers.
What makes BidiPass unique?
- Not a replacement — BidiPass understands the usual costs that come with high level security processes and provides a solution that offers the added security without the drawbacks of integrating a completely new system into your business.
- Quick transaction speed — With a seamless integration, your customers will not need to go through any additional lengthy process to verify their identity. Additionally, our use of blockchain technology ensures the quickest data exchange through our decentralised network.
- Emphasis on customer experience — Our biometric scan technology, as well as smooth integration, ensures that your customers experience an effortless and uncomplicated transaction every time.
- Secure — Built from a team with extensive knowledge of the blockchain space on the Ethereum network, the BidiPass protocol can confidently provide a service that is reliable and secure.
The future of BidiPass
BidiPass is dedicated to delivering top-notch service and will be partnering with leaders in the industry as we move forward in this venture. We are excited by our recent partnership with NexChange, a platform dedicated to connecting the fintech, blockchain and the wider technology industry. We hope to expand BidiPass’s reach and more closely collaborate with enterprises to develop the best security solutions in the industry for technology businesses.
To read our whitepaper, click here.
