What are the benefits of passwordless authentication?

In this video for Help Net Security, Christofer Hoff, Chief Secure Technology Officer at LastPass, talks about the benefits of passwordless authentication.

The basic components needed to make passwordless authentication a reality are:

• An open, standard set of processes, technologies, APIs, etc., to enable all the various components to work together across devices, operating systems, browsers and applications.
• Support for the creation and storage of cryptographical elements needed to generate pass keys.
• We need to make sure there’s a way of securely making those pass keys available across any device that we need to authenticate.
• We need a way to securely assert that the person who’s attempting to authenticate, actually owns and has the right to use those credentials using standard interfaces, such as biometrics or MFA.
• We need a secure way to recover pass keys, should the device become lost, stolen or inoperable.