PayPal, Lenovo Launch New Campaign to Kill the Password

This is a good idea in theory, but I think it has some serious shortcomings:

1. They are talking about installing software on your devices. This can be a problem because that software needs to be compatible with most devices out there, which is easier said than done. Also, convincing users to install such software seems to be a hard task.
2. Even worse, they talk about "A company [...] might get proof of a person’s device by checking the security chip that is installed in many PCs [...]". This can raise even more privacy problems than the first point.
3. Introducing this new authentication method will only make the attackers to change their methods, but they will not give up. Instead of stealing passwords, they will now attempt to control your computer and the installed app in order to conduct a transaction in your name. So I'm not sure there is something to gain using this.

 

Oh no, the big companies had enough of securing their stuff. They now want the blame to be always on the costumer.

 

The key to this being a privacy killer is that it's authenticating at the hardware level. I'll choose privacy and freedom in my choices and my data.

 

I could see this working for some situations like online banking, authorizing payment/transactions through the computer etc.