A patent for a new security system that can be integrated into blockchains has been awarded to Dr. Oluseyi Akindeinde. The invention known as cipherKEYtap2sign™ is a groundbreaking Multi-Factor Authentication (MFA) system developed by Hyperspace Technologies, and credited to Dr. Oluseyi.
Dr. Oluseyi is the founder and Chief Technology Officer of Hyperspace Technologies. He is an expert in technology and information security with over two decades of experience.
His focus has been on addressing security challenges in Electronic Funds Transfer (EFT) and Financial Transaction Systems (FTS) and has shared research findings at conferences and with prestigious organizations like the NSA, CBN, and more.
As an advisor to the Nigerian eFraud Forum (NeFF), he recently delved into web3 and blockchain technology, with a focus on enhancing enterprise security. Aside from Hyperspace Technologies, he has also founded Neural AI, which offers innovative solutions in authentication, identity management, and Artificial Intelligence.
cipherKEYtap2sign™ MFA is designed to combine the decentralized power of blockchain, workings of public/private key cryptography, and the advantage of Near Field Communication (NFC) technology to produce a security system that fights against identity theft, phishing, and social engineering attacks.
The cipherKEYtap2sign™ MFA system is designed in such a way that it comes with a cipherKEY NFC card, which each user is required to tap their phones with for proper verification to happen.
The patent application for cipherKEYtap2sign™ was officially filed on June 22, 2023, and the patent certificate was granted on August 28, 2023. As an innovative tool for security, the invention promises to be useful in a technical world where cybercrime has escalated especially in the crypto space.