Bitcoin and cryptocurrency markets have rallied explosively during the past year, in turn inflating the value of digital asset holdings of investors. Also, an increasing number of people have taken to the internet and social media. Courtesy of the imposed COVID-19 lockdown. With this explosion in crypto prices and online social account creation, the responsibility of safeguarding login credentials has multiplied manifold.
Also with the coronavirus pandemic playing spoilsport for almost the whole of 2020, and the exponential rise in uncertainties w.r.t life and health, untimely demise of digital assets and crucial digital/intellectual property owners has become all the more rampant. In such a scenario the transfer of digital ownership to the designated beneficiary must take place appropriately.
Inheriti is essentially a cybersecurity platform that guarantees safe and secure ‘digital inheritance’. In a world, where most of our assets and identities exist online, loss/mismanagement of private keys, seed phrases, passwords, and other crucial credentials are much more frequent than otherwise thought.
Therefore, the Belgium based firm has designed a robust and novel way to navigate such losses and facilitate a smooth transition of important digital property(s) from the deceased owner to his/her near and dear ones. In a space where other custodial services demand trust and extract way too much personal information from the initiator (the person that desires to make something transferable) for safeguarding assets, Inheriti does things differently.
With the design that Inheriti has formulated, it is not possible to bypass the initiator based on questions alone. On top of this, the firm doesn’t store sensitive user information, thereby nullifying any possibility of ‘foul play due to centralized failure’. The Safe Haven led firm utilizes a combination of secure blockchain (VeChain Thor) infrastructure, smart contracts, and patented hardware solutions to protect digital property ownership.
Inheriti protects all kinds of digital data:
- Passwords (Gmail, Facebook accounts, etc)
- Private Keys
- Any random CBOR data string
And who is it for?
- Parents (Next-of-kin scenarios)
- Business owners
- Investment groups
- Individuals that want to distribute/share and/or make inheritable their digital assets in a secure way
The Red4Sec Stamp Of Approval
Red4Sec carried out a detailed evaluation of Inheriti’s sensitive data management. Upon scrutiny, the Madrid based cybersecurity services company concluded that crucial user information such as private keys, seeds or passphrases are not stored by Inheriti’s at the backend.
However, Red4Sec also pointed out the below observations in their detailed analysis:
- Storage of user’s IP addresses, connection hours, emails, and passwords.
- The authentication is carried out by the safeid.safetech.io domain, therefore, it is the only domain that could have the plaintext password and relevant data of the users, such as email.
- On the application’s part, data such as the names and details of the plan are also stored, in addition to the data (name and email) of the beneficiaries.
- Finally, even though the application does not store the user’s SafeKey PIN, during the creation of a plan, the PIN must be entered, and it will be visibly displayed on the user’s screen.
Despite the above findings, Inheriti came out as a truly committed provider of secure digital data storage, as the company doesn’t compromise a bit when it comes to user privacy.
How Does it Work?
Inheriti is inherently a cybersecurity firm but strives towards cent percent decentralization in the storage and transfer of digital property. Currently, only the Community Edition of the platform can achieve that, and how?
- DLT/DB: Blockchain
- Cold Storage: SafeKey
- Key Management: Decentralized
But there is a standard and business edition as well, as a wide variety of users especially don’t generally prefer decentralization as much. For them Inheriti has the following options:
- DLT/DB : Blockchain / local DB / IPFS
- Cold Storage : SafeKey / HSM
- Key Management : Decentralised / Hybrid
For seamless functioning of the platform, Inheriti has categorized the userbase into initiators, stakeholders, legal entities, and merge authorities. Initiators are a single person or a group of people or an organization/body who seeks to protect their digital assets and credentials and ensure safe inheritance.
Stakeholders already have access to the digital property before the initiator initiates the protection process. Merge authorities (MA) are the beneficiaries that initiators select for digital inheritance.
Inheriti’s most automated and decentralized offering also includes the concept of ‘Dead Man Switches’. Suppose the initiator selects a stakeholder as an MA, the eldest son for instance. It is the MA that needs to initiate the release of the DLT shares (transferable digital property) and Inheriti then validates the release by using complementary smart contract shares covering 4 different DMS scenarios:
- Mail send
- SMS Gateway
- Call service
The entire technical process of how it all comes together can be checked here
The Role Of SafeKey
One of the most crucial aspects of Inheriti’s secure inheritance services is the hardware device SafeKey. It is a FIDO2 premier U2F hardware device that provides secure logins to websites (e.g. Google, Facebook) and personal systems. What makes SafeKey unique is that it has been originally developed to be compatible with Inheriti.
The security team at Inheriti uses U2F as a transport layer for the company’s flagship secure storage features and to integrate with their Secure Share Distribution Protocol (SSDP). This is possible because SafeKey harbors multiple use cases:
- FIDO Universal 2nd Factor (U2F & FIDO2)
- Passwordless authentication
- Secure Website Logins
- Social Media Logins
- Personal Platforms
- Cryptocurrency Exchanges
- Additional Layer of Security
- Option to Onboard Safe Haven Inheritance Solution
The Inheriti team is working tirelessly to broaden its data security portfolio. Currently, the firm’s Community Edition has smart contracts for DMSs, validator shares, and price-manager deployments, which are deployed on the public enterprise VechainThor Blockchain. Other blockchain’s are going to be added over time.
But in the future, Inheriti will support public blockchains like Ethereum.
SafeTech is currently developing Inheriti Vault and Inheriti mobile, which are cloud and mobile alternatives to Safekey (cold storage) more about this soon.
Inheriti DvHSM, Distributed virtual Hardware Security Module Infrastructure is paving the way to integrate Inheriti modules into Wallet providers and Exchanges for Multi-Layer distributed Key management.
Inheriti users now just have the option of using the Comet Wallet. But the firm plans to introduce Arkane, and Sync wallet integrations for customers as well.
Apart from this, a host of other features such as data organizer, SHA credits, platform subscriptions, password manager data import facility, Inheriti Vault, Inheriti Mobile , SMS, and phone call DMS are in the pipeline.
Inheriti also has quite some patents pending which can be checked here
Overall Inheriti comes across not just as a digital inheritance facilitator but as a robust and promising cybersecurity platform with dollops of potential. In an age of incessant user privacy violations, one can only expect great things from a company that is committed to keeping the ‘privacy flag’ fluttering.
This article was originally posted by HackenBack to news