Monday, December 18, 2017

I blame you for my sins

Some cultures or religions have made the gods responsible for their hardships; others used animals as a form of atonement and then, in another level of cruelty, was Greece. During Ancient Greece it was common to choose citizens who were blamed for all their misfortunes, despite having no relationship with them. During certain Athenian festivities, the Targelias, sacrifices were celebrated in which the citizens, sometimes malefactors and in other cases simply neighbors arbitrarily chosen, expiated all the people of their sins.

It is quite common to avoid the issue, when in the business context, it is time to implement a new technology and you are not prepared to do it properly. In the interview of the week we heard the opinion of Bojan Simic, founder of Bitcoin Security Project and CTO of HYPR, leader in the growing sector of decentralized biometric authentication. In this case, the interview was conducted by Finance Magnates, one of the most popular websites in the Forex world and CFDs, which offers news related to the negotiation of financial assets, cryptocurrencies, online banking.

Evolution has helped overcome barriers, and in many cases, has led to an increase in the efficiency and effectiveness of processes. In the case of the cryptocurrency industry, although for many it is an early technology, it is a reality that currently saves a generous amount of time and efforts in transactions, conceals the identity of the user, increases the level of privacy or promotes transparency and transparency. unique records. But all these advantages are not enough to avoid the detractors who believe that the cryptocurrency industry does not comply with basic security standards. About this topic Bojan Simic says: "The industry as a whole does not meet minimum safety standards. Protocols like Bitcoin certainly do. However, very few companies in the field of cryptocurrencies follow the best security practices, as we have seen."

Simic throws an idea into the air about why cryptographic platforms such as bags, wallets, mining farms, etc. they seem to be attacked more than fiat money institutions. This is the reason according to him that this happens: "The affected platforms are mostly new companies that do not invest the appropriate amount of time and other resources in the best security practices. They do not have formal standards of application security verification and do not perform periodic penetration tests on their systems. The banks have been doing this for much longer and have entire divisions dedicated to these kinds of tasks. "

Through the opinions of Simic it can be seen that the main reason for the attacks received by the cyber-banking industry is not due to the fragility of the security of the cyber-monetary system itself, but rather to the companies or institutions that use this type of transactions. According to him, these are the most unstable pieces in blockchain-based platforms: "The weakest link is the one that practices centralized storage or the custody of the wallets of individuals. The centralization of credentials or keys of cryptocurrencies is one of the biggest mistakes made by wallets and exchanges. "One of the solutions Simic provides is that when it comes to authentication, cryptocurrency service providers are inspired by the platforms based on blockchain, for example by decentralizing credentials and keys so that the confidential information used to access the account remains secure in the hands of those to whom it belongs: its owners.

This week, like the previous one, it has been movidita for bitcoin. The main reason to be on all the covers has been the rise in value to the clouds. In addition to gaining weight in the financial industry, the interest of the public is increasing. But not everything is positive in this story. The numerous DDos attacks, hacking and robbery of cryptocurrencies remind us of the importance of privacy and security. In spite of what might seem, these problems not only affect the pockets of the consumers involved or the image of the companies, but also put the stability of the cryptocurrency market at risk. As Simic intimates in his interview, the stability of this market is not shaken by the instability of this cyberdivisa but by the inability of suppliers and institutions to accept this change safely. If we take the step, let's give it a firm way.


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