Blockchain technology exists for the sole purpose of securing financial transactions in the cryptocurrency markets. As the premier provider of cyber security, Blockchain faces new challenges almost daily. Despite the ongoing security threats, the company is committed to protecting investors, trades, and the transactional trails behind each trade. Heightened cyber security initiatives offer assurance to novice and experienced investors.
One of the biggest cyber security threats facing any company today is the user interface. Consumers often inadvertently create their own risks simply by not understanding the importance of cyber security and healthy online habits. Old and outdated software systems do not have the capacity to house modern security protocols. Upgrades are often free or at minimal cost and could prevent dangerous exposure of transactional history, not to mention passwords and banking information.
Advanced Hacker Attempts
Hackers continue to use more ingenious methods of attack. Today, it is not uncommon to see artificial intelligence and robots designed to search for data breaches in hacking attempts. These methods are efficient because they can scour hundreds of records per second and after often effective in stealing information. Blockchain is subject to these hacking attempts just like any other online security system, especially those dealing with financial transactions.
Smart contracts are used by Blockchain and other companies that operate in the financial realm. Smart contracts serve two basic functions. First, they significantly reduce the time it takes to process a financial transaction between a buyer and a seller. Traditional contracts require two or more parties to physically sign a document and then have it processed through a trustee, title company, or legal representative. The normal processing time to route this transfer paperwork was typically several days. Digitizing this cumbersome process through smart contracts reduced the timeframe from several days to about a few minutes.
Aside from making a financial transaction a faster process, smart contracts also make them safer. Blockchain uses smart contracts with each transaction to further encrypt personal data and financial information. Layering each step of the process with high security helps buffer and secure user information and keep transactions from being visible by hackers.