Robert Benny, Cryptocurrency Law Expert: "Blockchain technology will have the same impact as the internet did over 30 years ago" How can managers protect themselves.

Blockchain technology is, without a doubt, one of the inventions that will change the world. Known especially in connection with cryptocurrencies, it is important to know that its use is not limited.

Once the full potential of this technology is realized, it will have the same impact as the internet did over 30 years ago, according to Robert Benny, Senior Legal Assistant for APAG Audit AG, one of the speakers at the first edition of FRAUD SUMMIT by SPIA which will take place on May 27th in Bucharest. In the interview below, Mr. Benny explains how blockchain technology works, how it can be used by companies, and what managers need to do to in order to protect themselves from cryptocurrency fraud.
Blockchain was developed with fraud prevention in mind. Basically, this technology relies on a big public ledger that can be seen by whoever wants to. Almost daily, we see new applications built on blockchain with lots of promises, security being one of them. But is blockchain really flawless? We like to say that the blockchain never forgets, and by that metric, every transaction ever recorded can be traced to a particular wallet and trade. To fulfil our mission of helping track and trace bad actors, the blockchain is undoubtedly trackable but not flawless. Even though most blockchains are public, the information they hold does not have specific identifying information such as PII (personal identifiable information) or business names. That is what we are addressing with our products and services at APAG Audit AG we help crypto businesses, financial institutions, and investigators get unparalleled insight into the transactions to lower their risk and increase throughput. It's a fact that if a technology is pretty good, criminals will use it first. It happened with blockchain, too. Hackers are still demanding payments to their crypto-wallets for, let's say, ransomware attacks. Why do they do it, if anything goes onto a public record? How do they get away with it?

Despite the public record, there are a host of ways to obscure your identity. Tumblers, swaps, etc., are tricks bad actors use to obfuscate ownership and transactions.
APAG Audit AG built our software to address the criminal element now, as well as allow us to evolve as technologies evolve. Crypto businesses, financial, and law enforcement professionals need a nimble solution to sort and analyze billions of data points and help track bad actors. Sooner or later, criminals and fraudsters will convert their coins into fiat, and we'll be there to help catch them. Do you see blockchain as the internet's next and necessary upgrade? What do you think about a blockchain-based and interconnected world?

In short, blockchain is an encrypted digital database shared by several parties in a distributed network. Any transaction that occurs in the network is recorded and therefore transparent. Blockchain technology is disruptive and still in its nascent stages.

Yes, crypto is commonplace now, but several applications are being developed on the blockchain. Once the full potential of this technology is realized, it will have the same impact as the internet did over 30 years ago. Blockchain and cryptocurrencies are often referred to as the next layer of the internet. What are the best 3 things that a businessman can do in order to protect their businesses from crypto fraud?

Any business should know who holds the cryptocurrency, where the cryptocurrency is going to, by tracking those two data points, third is understanding what the crypto is being used to pay for.
1.Be aware of cryptocurrencies and how they work. 2.Keep malware software up to date using a reputable malware company.
3.Before sending large amounts of cryptocurrencies, you should always send a small test amount of cryptocurrency to the specified wallet.

Mr. Benny has a Bachelor of Science in Criminal Justice Administration, and is a Certified Bitcoin Professional. He is also recognized as a cryptocurrency expert witness testimony provider.

APAG Audit AG
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+442039962120
info@apag-audit.org

APAG Audit AG is a Law firm, specializing in various legal fields. Operating since 1998 with a HQ in Baar, Switzerland

This release was published on openPR.