BitVault®, the Secret Sauce… Dynamic Key Creation
We take a look inside the BitVault®, the world’s first blockchain smartphone, and crypto-communicator. Let’s look at one of the most interesting features of the BitVault®
Dynamic Key Creation:
One of the vulnerabilities of devices that facilitate encryption is the storage of private keys. Once these devices get hacked, the keys are exposed. The BitVault® eliminates this risk with the process of “dynamic key creation” – with this process the keys are never stored on the device or anywhere else for that matter.
So how does dynamic key creation work on the BitVault®?
Firstly the Bitvault® comes with enhanced biometrics incorporating a fingerprint scanner and an iris scanner to identify the user;
In addition to the BitVault® biometrics, the smartphone also comes with NFC [ Near Field Communication ] technology. The user is provided with an NFC card that has to be tapped on the device, after biometric identification to unlock the device.
When an encrypted secure call or message is started the same identification is required ensuring that no one else can use your BitVault®
All crypto wallets in the BitVault® are secured by this dynamic key creation dynamic and when you do a transaction with the BitVault®, the biometric inputs, the NFC input and some other undisclosed inputs from the device are used to create the keys. These keys are never stored on the device or anywhere else.
Your private keys can thus only be created by you and no-one else in the world thus making the BitVault®, the most secure device in the world for crypto transactions. You can safely store and transact with Bitcoin, EOT and other cryptocurrencies on the BitVault®.
In short: “You are the key”
In this key-note, Hein Marais [ CEO of Embedded Downloads and chief design engineer of the BitVault® ] – explains: Click here or on the image to watch the BitVault® Keynote:
Applications for Dynamic Key Creation:
So why is dynamic key creation, so important?
As explained above the fact that keys are never stored means that all crypto wallets are ultra secure making it impossible for hackers or cyber attackers to steal your keys. Even if they steal your device, there is no way for them to unlock your device or read your keys from the device as the keys are not stored on the device.
The unique combination created by dynamic key generation means that your Bitvault®
can only be used by you and all transactions related to your keys can only be generated to you. Not only does this mean that all crypto transaction are secure but because calls and messages are sent from public key to public key and can only be decrypted by a user’s private key it means that there is 100 percent certainty about the origin and authenticity of messages and or calls.
This has a huge number of applications for any enterprises that require secure data management and communication.
A few examples below: –
- A private bank can now be 100 percent certain that a message from a client actually comes from that client if the client sends it via the BitVault®. This means private banks can now securely transact with clients worldwide without the need for the client to physically contact the bank.
- Defence forces has the need for “top secret’ and other secure communications, orders and instructions can now be transmitted securely.
- Access to facilities. The BitVault® can now be programmed as an access device, meaning that the user can be granted access to secure buildings, facilities or even vehicles. In the example above the defence force can choose which soldiers can enter a building or even drive a specific vehicle.
These are only a few examples, there are numerous further identification applications, the BitVault® could even become a digital passport.
Because each user can be uniquely identified and the integrity of data transmission is guaranteed it opens a number of uses for the BitVault® in the area of verification.
One example would be where a trade finance company or a bank needs a person to verify the authenticity of documents relating to a transaction. This verification can be sent via the BitVault® making it secure and safe. Another example would be where a judge could issue a warrant remotely via his BitVault®. The uses are numerous and almost limitless.
If you want to be in total control of your digital banking and digital communication, the only way is where “You are the Key”