Novabase develops “Safehub” project, co-funded by the P2020 program
This research and development project, backed by the European Union, aims to provide Novabase with an electronic security and authentication platform.
The past few decades have seen a rising interest in more effective mechanisms for authenticating and validating people’s access to resources and systems, such as in the case of banking agreements, medical records and official publications.
What is Safehub?
The purpose of this project is to create an electronic security and authentication platform for e-procurement documents that is both reliable and interoperable in the European area. This software will be groundbreaking on a worldwide scale, and will achieve one of the essential cornerstones of the Digital Single Market proposed by the European Commission.
All financial service providers need to identify the customer, with a user-friendly and positive experience, while also ensuring a high degree of security, together with providing safe means of e-procurement and acceptance, also with a user-friendly and positive experience.
Nowadays, we can see a low overall maturity among financial service providers in this domain, at the following levels:
- proprietary means of authentication and signing with shortcomings in security, highly exposed to attacks such as those using “social engineering” methods through “phishing” to wrongfully obtain authentication keys and credentials.
- algorithms whose encryption is outdated, applicable on a national scale, using proprietary technology not integrated with business solutions.
- lack of a global registry (ledger) of transactions, nor a secure means of maintaining and consulting them, requiring the involvement of outside entities with the role of “trusted third party”.
- many of today’s browsers no longer support means of NPAPI integration, creating limitations on external authentication and authorization through strong means of non-repudiation. This suggests a need to technologically resolve these limitations.
Among other things, our proposed technology platform will allow the opening of bank accounts and e-procurement of financial transactions in the European area, without any need for those involved to be physically present.