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PassLock: Blockchain-Based Passwordless Login Solution

PassLock is a revolutionary blockchain-based solution that eliminates the need for passwords, ensuring secure and seamless login experiences across multiple devices. Our unique approach guarantees ownership validation and removes vulnerabilities associated with traditional password-based systems.

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PassLock: Blockchain-Based Passwordless Login Solution

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  1. K. HAAS, J. HUISMAN, P. KAPOOR, T. SZOCS Duke University, Fuqua School of Business | Innovations and Cryptoventures | February 2017 

  2. I like this. It is a huge problem. You do need a lot of partners to make this work. You mention the competitors use encryption – well so does your implementation, just in a different way. I like the competitive analysis. I would like more specifics on how this blockchain would work. 87/100

  3. Current Cybersecurity Practices Leave Passwords Vulnerable Passwords hashed with MD5 (2013) and BCRYPT (2014) algorithms Attack not on Charles Schwab servers Affected customers had same passwords across multiple accounts Passwords hashed and salted Full extent of breach discovered 4 years after 2012 hack

  4. Use Blockchain to Prove Ownership and Remove the Need for Passwords john@passlock.com

  5. EthereumBlockchain Validates Ownership of Digital Accounts Account created with username and phone number Private key is assigned to user based on their phone number Account creation is broadcast to Ethereumblockchain using public key Community verifies nobody else owns this account User receives confirmation code via text User enters confirmation code to login User determines duration of login on current device Repeat process for all account logins/creation

  6. Similar Concepts Exist on Both the User Experience and Technical Side WHY THIS WORKS TECHNICAL FEASIBILITY • Seamless to users: confirmation code is only interaction with technology • Unlike password managers on the market today, PassLock does not store any passwords • Users receive new confirmation codes each time they need to login to their account • No data will be stored on the public Ethereumblockchain • Long term, PassLock will transition to a private Ethereumblockchain • Transaction with the Ethereumblockchain will simply verify that username is associated with device being used to login • Each time a user attempts to login the website will check users login and send a request to PassLock for a unique code to login • PassLock will check to see which phone number owns that account and will send that number a unique code • Each website will store users’ login duration preference for each device

  7. Consumer Execution Begins with Confirmation Code Jane is a Facebook user who wants to login to her Facebook account Facebook is a PassLock customer Jane determines how long she would like to remain logged in to Facebook on her phone Jane repeats the process after her login expires on her device Jane enters her username on Facebook Jane receives a confirmation code to login to Facebook Jane wants to let Joe select potential homes for their vacation on her Airbnb account Airbnb is a PassLock customer Jane enters Joe’s phone number into Airbnb’s portal and how long she would like Joe to have access to her account Joe receives a username and confirmation code to login to Jane’s Airbnb account Joe selects potential homes for their vacation on Jane’s account Joe’s access to Jane’s account expires

  8. Network Effects Will Help PassLock Capture Value Users desire a one-stop solution for their online presence. Passlock’s first mover advantage will allow us to quickly build a network of key players

  9. Business Model Invites Customer Participation 100k 1¢ Free Companies with <100k users can access at no cost Larger companies pay 1¢ per monthly active user Free for the end user

  10. Potential Global Market is $2.8B $476M Annual Revenue 227M Users Domestic $2.8B Annual Revenue 2.25B Users Global

  11. Price Point Leads to Fast Adoption and Profitability by Year 2 • User growth beginning in Y2 will drive revenue and profitability metrics • A conservative estimate of capturing 1% market share provides Passlock with $28.35M in annual revenue, while more aggressive estimates are as high as $700M • With low fixed costs and high profit margins, Passlock is expected to be profitable in Y2

  12. Commercialized Competition Does Not Leverage Blockchain Non-blockchain: “Techie” consumers have adopted password solutions Password manager, auto form filler, random password generator, secure digital wallet application Free versions do not have multi-device capabilities Enterprise solutions available LastPass: 7M customers; Dashlane: 2M customers (2014) LastPass hacked in 2015, Dashlane has no recorded hacks Blockchain: No clear path to commercialization for password technologies EMCSSL provides “passwordless logins and identity management” via the EMC currency blockchain No information on EMCSSL post-2015 Blockchain ID is a digital form of ID…”designed to initially replace passwords” and then serve as a form of identity

  13. PassLock is Differentiated from the Competition through Consumer Ease Consumers do not need to make a conscious decision to opt-in to PassLock, making password security ubiquitous Unlike dominant industry players (LastPass, Dashlane) that charge consumers for multi-device protection, PassLock is device-agnostic Blockchain technology is more secure than LastPass and Dashlane that use encryption technologies

  14. Majority of Risks are Mitigatable Through Strong Push Marketing Strategy A well-resourced tech giant creates an internal solution Target companies aren’t convinced of the need to change Users don’t adopt Technology fails

  15. Future Includes Complementary Product Introductions Launch Strategy Amplify proof of concept Target hacked companies Free for any sites with <100K users Directly address current non-blockchain solutions Full suite of password capabilities including auto-forms and credit card auto-fill Growth Strategy Dongle product extension aimed at super users Improved experience for users interested in paying more Corporate digital identities Builds on our current B2B customer base

  16. Two Financing Rounds are Required in the Next Year Seed Round Series A • Amount: $500,000 • Purpose: Bringing on five full time developers for the next year to develop the MVP • Timeframe: Planning on closing round in the next 30 days • Equity: Interested in giving an equity stake worth 10% of the pre-money valuation • Amount: $2-4 million • Purpose: Double development team as well as ramping up sales and marketing spend • Timeframe: Summer 2018 • Equity: Interested in giving an equity stake worth 15% of the pre-money valuation

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