On August 2, 2017, blockchain-based cybersecurity startup Vault One announced the global release of Vault One Solution, a method for securing sensitive data on a private Ethereum blockchain.
Vault One tackles an issue surrounding Privileged Account Management (PAM) by integrating Ethereum alongside traditional security methods. Hardware vaults containing passwords, private keys, or any confidential information are cryptographically tokenized on the blockchain. These tokens are used during the transaction process, validating who has access to the information. The result is an end to data breaches caused by hacked or leaked passwords, which are not part of this secure system whatsoever. Furthermore, the blockchain offers an immutable history of who accessed the server and what information they obtained.
CEO and founder of Vault One Leonardo Cooper has a wealth of experience working for government justice agencies, as well as from being a developer of among the first end-to-end encrypted communications solutions. “Most of the data breaches that occur today are due to poor management of Privileged Account Management credentials,” said Cooper. “Instead of patching up this system, we developed Vault One to do away with it all together, enhancing security but maintaining accessibility.”
The solution Vault One offers will give access to smaller companies that require security services, allowing them to avoid a costly overhaul of technology and cyber-security systems. Further, Vault One claims to be the only company to have a blockchain-based answer for small businesses to the security issues PAM brings to light.
"Password-secured security solutions have quickly become outdated, leaving millions of businesses vulnerable to breaches”, explained Cooper. “Blockchain solves this issue by upping security to the next level without compromising on accessibility – which is pivotal when it comes to running a small business efficiently.”