Introducing Two-Factor Authentication for the Block Chain Protocol with help of Hash Algorithm


Author(s): Mohsen Rahmanikivi, Parisa Daneshjoo

In the blockchain structure, the creator has used the Elliptic Curve Digital Signature Algorithm (ECDSA), which provides public and private keys for users. The Users use private keys to create digital signatures in order to generate transactions in the blockchain network, and the only authentication method for the transactions is to verify the digital signature using public keys. Another use of public keys also is creating wallet address. This verifying method causes some problems over private keys that the users have to protect their private keys against threats, lest a thief steals all their assets by stealing their private keys. Because of this, there are many ways to protect private keys, most of which emphasize protection by the users, with a variety of wallet solutions to protect private keys such as storing private keys in encrypted files , storage devices, and physical wallets. In this article, we try to introduce a new two-step authentication method to provide more security, accessibility, and convenience. We will discuss about a new method which provides a one-time password (OTP) or stable password to create transactions, so it provides a new blockchain structure with the help of the hash algorithm. In this structure, The first authentication step is the regular one which is the verifying digital signatures by the public keys, and the second step is a decentralized verification of the password. Such an authentication method is not depended on any wallet and executed directly by every node in the network with the help of data saved in the blockchain like verifying digital-signature.