How Long Before We Can Stop Using Passwords?

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July 24 (Bloomberg) -- MicroStrategy President and Chief Legal Officer Jonathan Klein discusses the company’s alternative to passwords. He speaks on “Bloomberg West.” (Source: Bloomberg)

Password.

I asked him whether this was a good idea.

I think he was trying to illustrate a point that passwords are dying and on their way out.

Which is a point that i think most people would instinctively agree with.

They are dying, but certainly not dead.

How long will they be dying for?

It seems like this will be a very long process.

Passwords have been around for a long time, since the advent of networks, and they are the standard way that we protect access to online systems, to gain access to bank records over the phone and the like.

They probably will be around for a while, but with 80% of all cyber breaches being caused by compromise usernames and passwords, i think most people realize this is an issue that has to be grappled with sooner rather than later, because it is taking a toll on the economy.

What kind of a toll?

President obama recently gave a speech and he said that cyber security affects the economic -- is equivalent to the economic security and prosperousness of the nation in the 21st century.

It is becoming a board of directors level issue.

It is an enormous issue.

Our company, microstrategy, has launched a product called usher.

Essentially what it is, we take all of the forms of identity that are used today, whether it is a drivers license, a username and pass code, getting into a physical location like a door reader, and it physically materializes it on a smart phone , which has lots of identity -- identification advantages.

If you can use your phone as a digital key to get into any door you want.

-- you can use your phone as a digital key to get into any door you want.

Does this put too much power into your smartphone?

What happens if you lose it or it is stolen?

But what happens if your traditional forms of id get lost or stolen today.

If you lose your life -- drivers license, has an expiration date of three years from now.

If someone picks it up and uses it, they are you for the next three years.

There are 40 mins and -- 40 million lost or stolen credentials in circulation today.

There's no way to deactivate them.

Your smartphone, you can deactivate it, locate it, instantly turn it off.

That is the power of a software solution to this problem.

You are marketing this problem -- product mostly to enterprises.

What kind of a pickup have you seen?

We have seen a tremendous pickup and an enormous interest across lots of industries, from financial industries to insurance to government and universities.

A major university here in d.c. is about to roll out usher as their major form of student id on a smartphone.

That should hit within the next 30 to 60 days.

What is -- what if your phone malfunction?

What if you drop it in the sink?

If you drop your phone in the sink, then probably what you need to do is get another phone and instantly constitute your id on the new phone.

It is a lot better the and -- a lot better and more convenient than going and spending the day at the dmv trying to get a new driver's license, or going to a locksmith and getting a replacement physical key to a door.

You decide for yourself if the password is dead.

My interview with microstrategy

This text has been automatically generated. It may not be 100% accurate.

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