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PHISHING SCAMS: PROTECTING YOUR CRYPTO WALLET

PHISHING SCAMS: PROTECTING YOUR CRYPTO WALLET Technically, the blockchain remains one of the most secure platforms for performing transactions as far as digitized systems are concerned. Its decentralized, distinct protocol of confirming peer to peer transactions is unmatched. However, cryptocurrencies have been bedeviled with all sorts of scams since their introduction in 2009. No doubt, the phishing scam remains a persistent tool used by hackers to steal cryptocurrencies. On April 16, 2020, Google reported that it blocked more than 18 million malware and phishing emails related to the COVID-19 pandemic every day. SO, WHAT EXACTLY IS PHISHING? Phishing is a...

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The Payment System is a Mess - Can Blockchain Really Solve the Problem?

Since the emergence of blockchain, many firms have attempted to use it to solve the challenges in payments. Blockchain’s capabilities appear to lend themselves well to payments.  Since the emergence of blockchain technology, many firms have attempted to use it to solve the challenges in the payments industry. Blockchain’s capabilities, including instant, trustless transactions between peers, and the security of decentralization, appear to lend themselves well to payments.  However, despite much hype, investment, and effort from projects such as Ripple, Stellar, and Abra, the payments industry remains as complex and convoluted as ever. It’s safe to say that so far,...

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Samsung Backed blockchain provider building smart credit management system for Islamic banks

The research side of the Saudi Arabian Islamic development bank group is looking to develop a blockchain based smart credit management system. In order to make this a reality, the islamic research and training Institute of the bank has teamed up with Samsung backed blockchain provider Blocko. The research side of the Saudi Arabian Islamic development bank group is looking to develop a blockchain based smart credit management system. In order to make this a reality, the islamic research and training Institute of the bank has teamed up with Samsung backed blockchain provider Blocko. This new collaboration will come as...

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How Blockchain Aids in the Fight Against COVID-19

And the Blockchain Projects at the Forefront Blockchain’s role in the fight against COVID-19 comes down largely to it being a powerful tool for data management. In short, by drastically improving data management, blockchain offers huge potential for dealing with COVID-19 and the litany of crises both directly and indirectly associated with it. On the one hand, data is key in the fight against COVID-19 and the crises surrounding and exacerbated by it. We need more data to effectively contract trace. We need more data to track the spread of the virus and its effects on various populations. We need...

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ILLICIT ACTIVITIES ON THE BLOCKCHAIN SPACE

Eleven years ago, a new and brilliant invention that allowed users to store and transfer information was born-Cryptocurrency. What made this platform unique? It allowed investors to conduct transactions independent of the federal government or central banks. This was a way too enticing prospect for performing secure and quick operations while eliminating significant trust issues. However, this brilliant idea was equally as enticing to criminals. Finally, a platform where loads of money could be moved without attracting red flags from the Securities and exchange commission (SEC), Internal revenue system (IRS), or some other federal institution monitoring cash flow. Cryptocurrency, in...

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