API keys have become the standard when consuming an API. API key is some random hash which uniquely identifies the consumer. API keys have numerous benefits over Basic Authentication mechanism.
API key approach is very fast. The ability to prove identity once and move on is very agile, and is why it has been used for many years now as a default approach for many API providers. Additionally, setting up the system itself is quite easy, and controlling these keys once generated is even easier. This also allows systems to purge keys, thereby removing authentication after the fact and denying entry to any system attempting to use a removed key.
For example, to authorize user with API key client would send,
Authorization: Bearer Gdak3lfs9fsl3slfksdlf3f#f3fsd@%