Enterprises are calculating the risks involved in performing Cryptocurrency Transactions

By dan saada May 3, 2019 Off
Bank of America

Bank of America expressed their concerns about the cryptocurrency community.  BoA has secured a patent for its cryptocurrency risk system.

This risk detection system will focus on virtual currencies.  The system will assign a risk score for the cryptocurrency transactions that take place between the customer and the third party. This system is primed on sustaining the trustworthiness and transparency in cryptocurrency transactions.

The system will include a “processor” which will receive a request from the customer to perform the necessary crypto transaction with the concerned third party.

The “risk score” of the cryptocurrency transaction depend on factors like the blockchain information, functions of the processor, the value of the crypto, etc.

Several aspects within the system will be tagged simultaneously by integrating more than one processor at a time.  The crypto units, transaction history, and public key usage is highlighted in the document.  The risk score will indicate if the transactions come under the suspicious category and it will further indicate if further investigation into the transaction will be required.

BoA in the past year during August filed a patent for the cryptocurrency storage system.  The patent was officially granted in October with the title “Hardened Storage Device.”  Thus creating a protocol to store cryptographic keys.  Companies will be able to store the crypto-currency related transactions using this system seamlessly.

The technologists at BoA have to highlight that companies like the Amazon and Microsoft might likely be the major beneficiaries.

Charles Hoskinson, founder of Cardano recently announced the launch of Atala, which is an enterprise framework lot similar to Hyper-ledger Fabric.  This project is mostly focused on governments and developing countries. The major focus of Atala is to create a new smart economy.

Collaboration maximizes opportunities.  When sensitive cryptocurrency information goes to wrong hands, the consequences are undesirable, and businesses are doubly careful about it. Several businesses have deployed zero-trust solutions, therefore restricting any kind of business collaboration which will have a negative impact. Access to data based on consent and credential ensures that businesses will be able to have control over their data once it is shared internally or externally.

Therefore network architecture between employees within an enterprise and between enterprises and partnerships can be bettered by such technological developments in blockchain. DLT is very different from traditional enterprise technology, and with improvement in security systems, data breaches will at a point in time get out of headlines.