The Missing Ingredient
A defining milestone: the U.S. Patent Office has granted our patent for MasterKey — the fifteenth patent in our portfolio — validating our novel approach to Passwordless authentication.
This is the same technology Enterprise Singapore selected when naming BankVault among the world’s Top 60 Deep-Tech Startups (Top 1% from 6,800 companies) at SLINGSHOT 2025.
The Forecast
In 2021, analysts projected a $45B Passwordless market. Some of the largest funding rounds in cybersecurity history followed. Expectations were for 50% adoption by 2023 and a $75B category today — roughly 40× larger than the password management sector.
It didn’t happen.
The demand was there. Deployment wasn’t.
The Constraint
Passwordless remains rare across consumer web and SaaS platforms because implementation risk is commercially dangerous.
B2C SaaS platforms already lose 50–90% of registrations during onboarding. Forcing users to install software or change behaviour collapses adoption. Integration risk and change-management costs make traditional Passwordless commercially unviable for consumer-facing platforms.
The Breakthrough
MasterKey resolves the deployment constraint with Invisible Passwordless MFA:
Invisible to users — no software or setup
Password-free, seamless access — increasing engagement
Multi-Factor Authentication — in one step, not two
The platform deploys server-side as a lightweight integration, without locking users out or forcing re-enrolment. It removes friction while strengthening authentication.
This is what makes Passwordless commercially viable at scale.
At Scale
MasterKey is deployed by web applications and on large SaaS platforms, including environments with millions to hundreds of millions of users.
Competitors can’t do this because they require every user to install and configure software. MasterKey doesn’t.
The Outcome
Password-free internet is a silent growth engine for SaaS.
Eliminating login and registration abandonment can double customer acquisition and engagement.
This is how Passwordless finally scales to $75B.
Graeme Speak is the CEO/Founder of BankVault cybersecurity, an innovation team that has been pioneering intelligent new approaches to web security since 2015.
#Cybersecurity #Infostealer #CredentialTheft #InternetIsolation #DigitalTrust #FortifiedVPN
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BankVault.com
BankVault is a cybersecurity innovator that has pioneered web security since 2015. We have over twenty innovations, six patent families filed worldwide, five products in market, and high-caliber shareholders including Turing Laureate Whitfield Diffie.
The solutions let organizations offer users Passwordless access to their online services. The same technology also secures user input of sensitive data such as PINs, SSNs, CCV codes, etc.
The products are web based SaaS services which completely sidestep any potential malware that may exist on user devices and networks. They are deployed by organizations to protect external customers, or used by individuals to take control of their own security.
