Large corporations such as IBM and Walmart are developing blockchain solutions that solve many issues with fraud. But, the blockchain is not a perfect tool, and without multifactor authentication, it is vulnerable to attacks.
The bitcoin world has been rocked by another exchange hack, this time on the major Hong Kong exchange, Bitfinex. More than $70 million was snatched from user's wallets. Exchange hacking is a fairly common occurrence, but the increasing centralization of bitcoin makes it even more damaging.
We have now passed the halfway mark on 2016; over the past six months, we've seen general guides on bitcoin and the blockchain as well as discussions of bitcoin crime and how to battle it with the blockchain.
Hackers are gradually becoming more successful, especially with ransomware, which has forced several hospitals to pay bitcoin ransoms. One way to help solve this security dilemma is to use cyber security kiosks.
The Financial Crimes Enforcement Network regulates a variety of issues related to virtual currency such as oversees transactions and financial criminal activity. Failure to turn in the right reports to FinCEN can lead to big financial losses, so exchanges must understand their legal options and obligations.
It's no secret that bitcoin is a go-to tool for criminals and hackers. Can the blockchain be used to fight these criminals? We spoke with Feedzai CTO Paulo Marques to get his take on how the blockchain can be used to analyze criminal behavior.