Bitcoin Developers Should Lead The Charge on Technology Security
Technology allows everyday consumers to do many things without knowing the specific inner workings of the tools and apps they use on a regular basis. One thing most consumers seem to forget, however, is that security plays a very important role, and should not be trumped by convenience. Passwords are one of the worst ways to ensure customer safety, but other options are not working as well as they should either.
Also Read: What Is Bitcoin XT & What Is Happening With Development of The Bitcoin Core
Technology Outpacing Security Solutions
In this day and age, most newer gadgets offer various tools and utilities most consumers will never use. Unlocking a phone or a tablet with a thumbprint through the Home button has become somewhat of a standard lately. But not every device supports this functionality, leaving the door wide open for all kinds of malicious activity.
From a technology enthusiasts perspective, there is no better time than now to see new developments pop up on a nearly weekly basis. On the other hand, new hardware innovations are not the same as new software innovations, and security concerns are often related to software. Despite offering new forms of security on the hardware-side, not all devices support fancy tricks such as thumbprints or facial recognition.
Which brings us to the main problem of consumer electronics: the hardware side of technology is outpacing the software side by quite a margin. Protecting new technologies is key to ensuring consumer safety, yet without proper software to do so, that task is all but impossible. One thing’s for sure: customers expect manufacturers to take care of security, as they will not go out of their way to do it themselves until it is too late.
On a more positive note, it is a good thing that passwords are being used less and less these days. Nearly every consumer users a certain password for multiple sites and applications, leading to compromised accounts all across the board sooner or later. Far too many sites, platforms and applications still rely on passwords or pass-codes, though, which is far from a secure solution. But it is convenient, and that is what most everyday consumers want right now.
Fingerprint scans and facial recognition solutions are a step in the right direction, as they are far more difficult to steal, and nearly impossible to recreate. From a convenience perspective, thumbing a home key, or keeping a mobile device in front of your face to unlock it, is not the most difficult task in the world either.
Bitcoin Companies Suffering From The Same Fate
Even advanced and disruptive technologies, such as Bitcoin and the underlying blockchain, do not escape the inevitability of weak customer passwords. It is important to keep in mind the Bitcoin network and protocol itself are far more secure than any technology in this world today, but the platforms built on top of this technology are of great concern.
Accessing any bitcoin service, platform, or mobile app will require user authentication in some form. Most of these services will ask for a username and password whereas mobile Bitcoin wallets can be accessed through a passcode or a swiping pattern on your device. None of these solutions is effective when it comes to protecting customer security, though.
It will take some time until we see options such as facial recognition and fingerprint scans made available in the Bitcoin ecosystem. When it comes to accessing mobile Bitcoin wallets, though, having such a feature would be very beneficial. After all, Bitcoin transactions can not be reversed or refunded, and once funds are sent to a different address, it is gone forever.
Bitcoin companies and developers should be leading by example, and offer more secure methods of protecting customer data and funds. Taking care of the software side of things should be priority number one, as consumer electronics will evolve on the hardware side at an accelerated pace in the next few years. In fact, most devices will support either facial recognition or fingerprint scans within the next five years.
What are your thoughts on the lack of security in the world of technology these days? How do you secure your Bitcoins, and on which device? Let us know in the comments below!
Images courtesy of Youtwitface, Somobile, Shutterstock