How can hydrogen platform improve the financial transaction in crytocurrency?

in #crytocurrency6 years ago (edited)

The major risk in involve in online transaction is the managing your proof of identity whether or not or not your personal systems have been compromises instead of worrying about every corporation you have ever dealt with in the past . In the offline world you have to update your proof of identity every few years.
What are the limitation of block chain technology in financial transaction?
There are treacherous passes in any technological revolution
Some person in the block chain industry have pointed out that block chain has become overhyped, when , in reality the technology has limitation and is inappropriate for many digital interactions
the existing financial system does not have a spotless track
record when it comes to preventing, diagnosing, and communicating data breaches
with its stakeholders
Introduction Of Hydrogen Platform To Improve Financial Transaction
It is clear that the integrity of financial data gateways can be improved.
Let’s examine how an additional layer of security is achieved via Hydro
With Hydro, authentication can be predicated upon transactional operations on
the blockchain. An API, for example, can choose to validate developers and
applications by requiring them to initiate particular transactions, with
particular data payloads, between particular addresses on the blockchain, as a
precondition that kickstarts a standard authentication protocol
Rain contains packets of condensed water ranging from 0.0001 to 0.005
centimeters in diameter. In a typical rainstorm, there are billions of these
packets, each of random size, velocity, and shape. Because of that, one cannot
reliably predict the exact nature of rain. Similarly, every Hydro
authentication transaction is unique and virtually impossible to have occurred
by chance - that is why we call them Raindrops .
Financial services platforms commonly utilize micro-deposit verification to
validate client accounts. The concept is simple: the platform makes small
deposits of random amounts into a user's claimed bank accounts. In order to
prove the user indeed owns said account, he or she must relay the deposit
amounts back to the platform, which are then validated. The only way the user
can know the valid amounts (besides guessing) is by accessing the bank accounts
in question.
Raindrop-based verification with Hydro is analogous. Rather than sending the
user an amount and having it relayed back, we define a transaction and the user
must execute it from a known wallet. The only way the user can conduct a valid
transaction is by accessing the wallet in question.
By using Raindrops, both the system and the accessor can monitor authorization
attempts on an immutable public ledger. This blockchain-based transaction is
decoupled from the basic system operations, occurs on a distributed network,
and depends upon the ownership of private keys. Therefore, it serves as a
useful validation vector.
Ways Raindrop improve the financial transaction
There are dozens of ways the Raindrop release can be used by private
organizations. Private APIs, databases, and networks have created elaborate
systems of tokens, keys, apps, and protocols over the last decade, in an
attempt to secure sensitive data. Google, for example, became one of the most
popular product providers in the market with the Google Authenticator app. As
mentioned previously, there is little to no reason to compete with or replace
these existing protocols.
As a case study, here is a brief overview of how Hydrogen implements Hydro
authentication as a security layer in its overall API security framework:

  1. Hydrogen API partners must first have the IP addresses of their various
    environments whitelisted.
  2. Partners must request to whitelist a public Hydro address.
  3. All calls to the Hydrogen APIs and transfers of data are encrypted and
    transmitted through the HTTPS protocol.
  4. Partners must complete a valid Hydro raindrop transaction from the
    registered Hydro address.
  5. Partners must use OAuth 2.0 validation. OAuth (Open Authorization) is an
    open standard for token-based authentication and authorization. Hydrogen
    supports the “Resource Owner Password Credentials” and “Client
    Credentials” grant types, and each API user must provide credentials for
    an authentication request.
  6. If none of the five elements above are violated, the Hydrogen partner is
    granted a unique token, to be checked and verified with each API call.
  7. The token is valid for 24 hours, after which the partner must validate
    themselves again.
    If any of these steps is violated, the user is immediately locked from API
    access. A hacker cannot bypass these security factors by guessing randomly,
    because there are trillions of unique combinations.
    Hydro blockchain-based authentication is an important component of the Hydrogen
    security protocol. The Hydrogen team encourages partners to set up
    multi-signature wallets, and store private keys in multiple secure locations
    independently from other credentials, so there is not a single point of
    failure. A properly secured multi-signature wallet is not only difficult to
    steal, but the public nature of the blockchain also allows for swift
    recognition of any theft as it relates to the security of the API.
    Anyone can view an authentication attempt to the Hydro smart contract, which
    means the days of platforms being compromised for months on-end can be a thing of the past. API hackers can now be thwarted with more immediacy because of the ability to detect unexpected authorization attempts in real-time, from anywhere
    in the world.

CONCLUSION
With the help of the raindrop technology build by the world class technology there will be a genuine and secure transaction on the financial transaction made in financial institutions.
Hence
1 Public blockchains can add value in financial services.

  1. The Hydro Raindrop can enhance security of private systems.
  2. There are immediate applications of the Hydro Raindrop within the
    Hydrogen API platform
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This article is helpful and with much insight in the hydro project... This is one of the best i have seen. Keep Mooning Hydro

Hi great sonny, nice post here, do well to follow wafrica and stach, add them to ur tags as well to be eligible to get upvotes from them.

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