KUALA LUMPUR: Korean-based FNS Value Co. Ltd is collaborating with two local companies, BIT Group Sdn Bhd and Nada Sepakat Corporation (M) Sdn Bhd to introduce and provide blockchain-based authentication technology in Malaysia and across the region.
The Tripartite Agreement will see BIT Group Sdn Bhd act as its Solution Consultant and Architect and Nada Sepakat Corporation (M) Sdn Bhd as its Relationship Consultant in Malaysia.
The blockchain technology is said to be an undeniably ingenious invention by a group of people and since then, has evolved into something greater. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of Internet.
Nada Sepakat Group Principal IT Consultant Simon Cham explains that as consumers eagerly await for the rollout of the next generation 5G mobile network that promises faster speed, better coverage, and more responsive connections, there will be a substantial increase in the deployment of online services and applications.
“However, there are also increases in cybercrimes as criminals take advantage of the relative ease of gaining unauthorised access to online personal accounts either through hacking, deception, phishing, or simply buying accounts together with the passwords from the Internet.
“A new authentication solution is therefore required that will address the weaknesses of current authentication systems and equally simple to use.”
FNS Value Co. Ltd has developed a multi-factor authentication solution that is based on blockchain technology which does not require the use of a password, and is said to be equally or if not more secure.
The Guardian-CCS authentication solution uses the unique identification of mobile devices to create one-time security keys that are validated by multiple remote users. Extremely secure and almost impenetrable, the Guardian-CCS authentication solution represents the next step in securing online businesses.
At the Memorandum of Agreement signing ceremony between the parties held recently here, FNS Value Co. Ltd chief executive officer Jeon Seung Ju expresses his confidence of the Malaysian partners to provide necessary technical support and promotions to its clients.
On the progress made so far, Nada Sepakat Group advisor Datuk Nasaruddin Ab. Ghani adds that the product has been presented to the major banks and has received overwhelming appreciation of its value. Plans are also afoot to expand the Guardian-CCS authentication solution to clients in the region soon.