Blockchain Will Be Adopted By Every Bank Soon, According to Master Forger Frank Abagnale

Blockchain Will Be Adopted By Every Bank Soon, According to Master Forger Frank Abagnale

June 8, 2018 Off By dan saada

Frank Abagnale, a real life character of the renowned movie” Catch Me If You Can” and a master forger, recently affirmed at the BNMC or Blockchain Nation Miami Conference that blockchain system is the future of safe data settlement and secure information processing.

Although he has worked as a security consultant later in his life, Abagnale was recognized as a master faker, making fake checks and stealing huge amount of money during his younger days.

During his speech, he revealed that he witnessed major car rental agencies and popular airlines like Hertz and United Airlines leaving huge amount of money in zip-up bags into a drop box in a particular area in an airport. He bought a security officer costume, put a sign that read “ Place Deposits with Security Officer On Duty” and gathered millions of dollars.

During his career as a faker or forger, he forged cheques to withdraw money from financial institutions and big banks, committing fraud. Eventually, he served his punishment in Miami and following his discharge, he began his career as a security consultant.

His standpoint on the cryptocurrency and blockchain system is noteworthy as he generated millions in profit through breaking into the broken monetary system as well as structure of banks, through faking cheques, stealing funds and redirecting cash.

With this system, bank fraud that Abagnale had done isn’t possible. Like for example Bitcoin can be utilized to send fun from one person to another, with no involvement of safety boxes, armored vehicles and 3rd party service provider. Also, it is not likely to fake or make more bitcoin without running a 51% attack against the network that is almost unfeasible given its computing power.

One will need to be very foolish not to see that blockchain system is an amazing technology and that will be adopted by all kinds of businesses, corporations and governments. A virtual currency just like anything else will take the time to get public to know how it works. Every transaction is under a threat. The only transaction which exists has no threat is a debit card as federal regulation takes total accountability away from you, this is what Abagnale said in a forum.

As he emphasized, cyber currencies like Ethereum and Bitcoin is still at their formative years. Ethereum was founded less than 3 years ago and for unruly systems to be adopted, it can take years, like the case of the internet.

 

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