Next-Generation Authentication: Combining Blockchain and Two-Factor Security

In the contemporary digital era, social as well
as business applications are getting more advanced and
this has resulted in a heightened need to verify identities
in a stronger manner. Two-Factor Authentication (2FA)
is an essential component in the improvement of the old
system of authentication, though it is not without
drawbacks. Even with effective encryption systems,
conventional 2FA techniques remain vulnerable to
security attacks of SIM swapping, Denial-of-Service
(DoS), and Man-in-the-middle (MITM) attacks.
Moreover, such systems are highly centralized, which is
also a considerable threat because one breach will enable
attackers to depersonalize legitimate users or discontinue
the whole service. In an effort to deal with such issues, this
paper suggests a decentralized solution to 2FA. The
system will have enhanced security by distributing the
authentication process and the use of key cryptography
that is publicly available. Under this model, the user
secrets are encrypted with the public key of the wallet of
the user so that they have full control over their
authentication credentials. Moreover, even when they are
not connecting to their main device, they are able to create
special passwords on their own. Since the need of more
robust digital security has been growing steadily, the shift
to decentralized approaches to 2FA in favor of traditional
centralized one will ensure more security and leave the
user with more freedom.