Identillect Technologies Corp is a leader in providing email security solutions. Accordingly, it has announced the launch of the Version 2 of its Trusted Blockchain Technology. The Trusted Blockchain Version 2 is a web tool for combating cybercrime.
Indeed, the enhanced features will help to fight online fraud to a standstill. The web tool, developed on blockchain technology, will curb online fraud related over multiple sectors. Blockchain technology is the technology of Bitcoin (BTC), the most popular cryptocurrency.
Impact of Blockchain Technology
Blockchain technology is anticipated to have a significant impact on all industries that require security. There’s no doubt at all that blockchain technology will play a critical role in cybersecurity. True, the reason is that it emphasizes a different approach to storing, transacting, and reaching consensus. Beyond doubt, fraud prevention is one of the benefits of blockchain technology that Identillect leverages to develop the tool.
According to the FBI, the United States has had its fair share of wire fraud. The bureau’s record shows that the U.S. lost $19M USD to wire fraud in 2016. Despite all the efforts to stop cybercriminals, the figure increased in 2017, hitting $963M USD. While the 2018 cybercrime data isn’t available at the moment, records show that US home buyers lose $2.65M USD daily.
Failed Approach to Cybercrime Prevention
Nowadays, many escrow officers use escrow phone confirmation to verify and confirm that wire instructions are complete. However, the new phone-porting scam proves that fraudsters still have an upper hand.
Yes, they always insert themselves into the chain of communication. What happens is that the Realtor or Title Agent calls the fraudster to confirm transactions. Identillect is striving to make such occurrences a thing of the past.
The Blockchain Technology Approach
Basically, the blockchain technology brings an additional level of security. With this security, wire transaction is viewed only when the two parties involved have confirmed it. Indeed, the two parties involved verify the information independently and then it becomes available for public view.
Sender/receiver confirmation happens through the blockchain. However, if there’s a compromise, the receiver won’t be able to view the transaction. Also, the sender and the administrator will receive a message, informing them when and where the compromise happened. The reason they are alerted is for them to fix the error at once.
Identillect will Change Everything with the Blockchain
In truth, Identillect has been at the forefront of developing and implementing cutting-edge technologies. Version 2 of its Trusted Blockchain Technology is one of such innovative technologies. With the technology, realtors can protect their clients and their reputation.
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