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North Korea cyberattack
Apple Apple MacOS Blockchain Blockchain Technology Crypto Attack crypto community cryptocurrency Cyber Attacks data security Data Theft Mac Mac Malware Malware Attack Malwares North Korea cyberattack

North Korean Malware Targets Mac Users in Crypto Sector via Calendly and Telegram

 

Cybersecurity researchers have identified a sophisticated malware campaign targeting Mac users involved in blockchain technologies. According to SentinelLabs, the attack has been linked to North Korean threat actors, based on an investigation conducted by Huntabil.IT. 

The attack method is designed to appear as a legitimate interaction. Victims are contacted via Telegram, where the attacker impersonates a known associate or business contact. They are then sent a meeting invite using Calendly, a widely-used scheduling platform. The Calendly message includes a link that falsely claims to be a “Zoom SDK update script.” Instead, this link downloads malware specifically designed to infiltrate macOS systems. 

The malware uses a combination of AppleScript, C++, and the Nim programming language to evade detection. This mix is relatively novel, especially the use of Nim in macOS attacks. Once installed, the malware gathers a broad range of data from the infected device. This includes system information, browser activity, and chat logs from Telegram. It also attempts to extract login credentials, macOS Keychain passwords, and data stored in browsers like Arc, Brave, Firefox, Chrome, and Microsoft Edge. Interestingly, Safari does not appear to be among the targeted applications. 

While the campaign focuses primarily on a niche audience—Mac users engaged in crypto-related work who use Calendly and Telegram—SentinelLabs warns that the tactics employed could signal broader threats on the horizon. The use of obscure programming combinations to bypass security measures is a red flag for potential future campaigns targeting a wider user base. 

To safeguard against such malware, users are advised to avoid downloading software from public code repositories or unofficial websites. While the Mac App Store is considered the safest source for macOS applications, software downloaded directly from reputable developers’ websites is generally secure. Users who rely on pirated or cracked applications remain at significantly higher risk of infection. 

Cyber hygiene remains essential. Never click on suspicious links received via email, text, or social platforms, especially from unknown or unverified sources. Always verify URLs by copying and pasting them into a text editor to see their true destination before visiting. It’s also crucial to install macOS security updates promptly, as these patches address known vulnerabilities.  

For additional protection, consider using trusted antivirus software. Guides from Macworld suggest that while macOS has built-in security, third-party tools like Intego can offer enhanced protection. As malware campaigns evolve in complexity and scope, staying vigilant is the best defense.
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web3 technology
Blockchain Technology decentralized apps Technology TikTok web3 technology

How Trust Can Drive Web3 Adoption and Growth

 




Web3 technology promises to transform the internet, making it decentralized, secure, and transparent. However, many people hesitate to adopt it due to a lack of trust in the technology. Building this trust requires clear explanations, user-friendly experiences, and a solid infrastructure.  


Social Media: A Gateway to Web3  

Platforms like TikTok have become key tools for introducing users to Web3. For example, Hamster Kombat, a cryptocurrency-based game, attracted over 300 million players using TikTok. The platform made it easy for users to learn about the game by sharing tutorials, guides, and strategies, building trust among new players.  

Similarly, SonicX, a popular tap-to-earn game, onboarded over two million users through TikTok. The team behind the game, Sonic SVM, simplified the process for users by creating automatic wallets and removing transaction fees, making it feel like a traditional app. These efforts demonstrate how social media can act as a bridge between Web2 and Web3, helping more people understand and use these technologies.  


Why Strong Infrastructure Matters  

While social media helps with onboarding, a dependable Web3 infrastructure is essential for long-term success. Powerloom, for example, offers a decentralized network of over 5,300 nodes that collect and update blockchain data in real time. This ensures that decentralized applications (dApps) and smart contracts always operate with accurate information. By eliminating outdated data risks, Powerloom strengthens user confidence in Web3 platforms.  


Blockchain and dApps: Trust-Building Tools  

At its core, blockchain technology ensures security and transparency. It uses decentralized networks and cryptography to prevent tampering with data. This builds trust, as users can rely on the integrity of the system.  

Decentralized applications (dApps) also play a vital role. Take Uniswap, for instance. Its open-source code is accessible to anyone for verification, and regular security audits ensure its reliability. Users can trade or add liquidity without needing approval, reinforcing the trustworthiness of the platform.  


Reputation Through Tokenization  

Tokenization brings another layer of trust by rewarding users with reputation tokens for positive actions. These tokens serve as a record of reliability and contributions, discouraging malicious activity. In decentralized marketplaces, they enable peer-to-peer reviews without depending on centralized authorities, making the system fairer and more transparent.  

Web3 technology has immense potential, but its adoption depends on trust. Social media, combined with secure infrastructure, transparent dApps, and reputation systems, can make this next phase of the internet more accessible and trustworthy. By focusing on these elements, Web3 can achieve its vision of a decentralized and user-driven digital world.  


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Quantum computing
Bitcoin Bitcoin Vulnerability Blockchain Blockchain Technology Computing Cryptography Cyber Secuirty Encryption Quantum computing

Bitcoin Security Concerns Amid Quantum Computing Advancements

 

Chamath Palihapitiya, CEO of Social Capital, has raised alarms over Bitcoin’s future security, cautioning that its SHA-256 encryption may become vulnerable within the next two to five years. Speaking on the All-In Podcast, he highlighted rapid advancements in quantum computing, particularly Google’s unveiling of the Willow quantum chip featuring 105 qubits. Palihapitiya estimates that 8,000 such chips could potentially breach SHA-256 encryption, underscoring the pressing need for blockchain networks to adapt.

Quantum Computing's Impact on Cryptography

While acknowledging the infancy of quantum computing, Palihapitiya pointed to Google’s Willow chip as a pivotal development that could accelerate breakthroughs in cryptography. Despite scalability challenges, he remains optimistic that the cryptocurrency sector will evolve to develop quantum-resistant encryption methods.

Not all experts share his concerns, however. Ki Young Ju, founder of CryptoQuant, has expressed confidence that Bitcoin’s encryption is unlikely to face quantum threats within this decade.

Satoshi Nakamoto’s Early Solutions

Bitcoin’s pseudonymous creator, Satoshi Nakamoto, had anticipated such scenarios. In 2010, Satoshi proposed that the Bitcoin community could agree on the last valid blockchain snapshot and transition to a new cryptographic framework if SHA-256 were compromised. However, these early solutions are not without controversy.

Emin Gün Sirer, founder of Avalanche, has warned that some of Satoshi’s early-mined coins used an outdated Pay-To-Public-Key (P2PK) format, which exposes public keys and increases the risk of exploitation. Sirer suggested the Bitcoin community should consider freezing these coins or setting a sunset date for outdated transactions to mitigate risks.

Recent advancements in quantum computing, including Google’s Willow chip, briefly unsettled the cryptocurrency market. A sudden wave of liquidations resulted in $1.6 billion being wiped out within 24 hours. However, Bitcoin demonstrated resilience, reclaiming the $100,000 resistance level and achieving a 4.6% weekly gain.

Proactive Measures for Long-Term Security

Experts widely agree that proactive steps, such as transitioning to quantum-resistant cryptographic frameworks, will be essential for ensuring Bitcoin’s long-term security. As the quantum era approaches, collaboration and innovation within the cryptocurrency community will be pivotal in maintaining its robustness against emerging threats.

The ongoing advancements in quantum computing present both challenges and opportunities. While they highlight vulnerabilities in existing systems, they also drive the cryptocurrency sector toward innovative solutions that will likely define the next chapter in its evolution.

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Technology
Blockchain Blockchain Technology CyberCrime Cyberhackers Cyberthreats data security HR Payroll Company Technology

Blockchain Innovation Drives Payroll and Employee Data Security in HR

 


In HR, blockchain technology is still in its infancy when it comes to gaining acceptance among the people. Despite this, it stands to be a great boon for the future of work as well. The APQC report indicates that 82% of companies are familiar with blockchain technology, but only 11.7% of businesses have implemented blockchain technology to improve employee performance. It is nonetheless encouraging to see a growing interest in blockchain HR, with 74% of companies planning to experiment with, use, or pilot blockchain technology. 

A blockchain-based HR application can help a variety of critical HR issues, including payroll and recruitment, employee verification, and contract management, to be dealt with more intelligently. Among the latest emerging technologies likely to make waves in the HR space is blockchain technology. Originally, it was designed to serve as the foundation upon which cryptocurrencies such as Bitcoin and Ethereum were based. 

There are also many other benefits that blockchain technology can offer, such as decentralization, security, and transparency, which can offer a radical improvement in the management of human resources, particularly payroll management and employee data management. Blockchain is a technology for storing and transacting data on a distributed ledger across multiple computers with multiple users. 

In addition to being secure, transparent, and immutable, it makes records more valuable to the public. The data added to the database cannot be altered or deleted once it has been added. A decentralized system means that no one party has full control or ownership of the data being stored, so fraud and tampering are unlikely to occur because no one party controls the data. To truly grasp the meaning of blockchain technology and its role in protecting the privacy of employee data, one must understand its fundamentals beforehand. 

There is no doubt that at its core, a blockchain is a distributed, decentralized ledger that maintains a record of transactions, and this is done in such a way that makes it impossible to modify the data until that data has been agreed upon by everyone involved in the system. There is no single entity, between the blockchain and all its users, with control over the full blockchain, and because of this, it is intrinsically resistant to malicious attacks because of its decentralized nature.

The traditional way of storing data, whether it's cloud-based or on-premises, relies on centralized databases that operate on a local or remote computer. Due to their centralization, they become attractive targets for hackers because of this. Obtaining access to the central system can give malicious actors the ability to manipulate or steal enormous amounts of data once they have gained access to the system. 

In 2017, Equifax breached its security by exposing the personal details of 147 million people. This acts as a rude reminder of the vulnerabilities inherent in centralized systems and is a clear example of this. There are many different use cases for blockchains in HR, but payroll is one of the strongest ones. Using blockchain technology, organizations can automate and secure payroll processes, which is crucial for organizations to be able to process payments to employees, contractors, and vendors in a timely fashion. 

Payroll systems that utilize blockchain technology can streamline the payment processing process, guaranteeing that all stakeholders are compensated in a timely and accurate manner. In its ability to assist in cross-border payments, blockchain technology has one of the most important advantages regarding payroll. Due to today's globalized working environment, many contractors and gig economy workers don't have traditional bank accounts that they can use for payments. Several local regulations and security problems can hinder traditional electronic payment methods, which can make them more difficult to use. 

Despite this, blockchain payroll systems can provide secure and efficient cross-border transactions through the use of cryptography. ADP, for instance, is already driving the adoption of blockchain technology for the development of innovative payroll applications through its software platform. As a result of the inherent security features of blockchain, these business solutions provide a secure environment for sensitive payroll data by leveraging the features inherent in blockchain. With blockchain technology, employers will be able to ensure that their employees' financial information is confidential and secure, while also allowing them to streamline their payroll process. 

As a result of blockchain technology, recruiters could be able to streamline their verification process and offer a decentralized method of verifying a candidate's identity, revolutionizing the recruitment process. As candidates can create their own secure digital identities on the blockchain, many organizations can verify that they can verify that identity as well. For both employees and candidates, this eliminates the need to submit the same information and credentials repeatedly, reducing the time and energy required for both to submit the same information and credentials. Recruiting systems that utilize blockchain technology are also less expensive than those that use paper-based recruitment methods. 

With the use of the blockchain, employers will be able to easily access and verify candidate credentials and work experience through the secure storage of candidate information. This enables the recruitment process to be completed at a much faster pace and ensures a higher level of accuracy and reliability, which results in a quicker selection and hiring process. With blockchain-based recruitment systems, the time-consuming, error-prone manual verification process is eliminated and fraud risks are reduced due to the streamlined verification process offered by these systems. 

Having all the necessary information secure and kept in a digital format on a blockchain platform, employers can be confident that the candidates they select for interviews and job offers will be able to perform at a high level, resulting in a more efficient and effective hiring process. Furthermore, blockchain technology can also improve the data security and privacy of recruitment data in addition to improving the verification process through blockchain technology. 

It can be argued that a decentralized system of identity verification will give candidates more control over the information that is shared about themselves with potential employers while retaining their privacy at the same time. The HR sector stands on the brink of transformation with the advent of blockchain technology, particularly in areas such as payroll management and employee data security. 

This decentralized, transparent, and highly secure framework has the potential to address longstanding challenges faced by HR, from payroll inefficiencies to growing concerns about data privacy. As organizations increasingly digitize their operations, blockchain in HR represents a pivotal advancement toward a future that is not only more secure but also more efficient for both employers and employees. 

The capacity of blockchain to automate processes, enhance operational transparency, and drive efficiency marks a significant leap forward for HR management. Looking ahead, it is evident that blockchain will play a critical role in shaping the HR landscape. Its ability to streamline payroll, recruitment, employee data security, and contract management is poised to free HR professionals from routine administrative tasks, allowing them to focus on strategic decision-making, employee engagement, and performance analytics. 

Furthermore, the decentralized and tamper-proof nature of blockchain ensures that data is stored securely and is resistant to fraud and manipulation, fostering a greater level of trust within organizations. Though still in its early stages, the adoption of blockchain in HR is expected to accelerate as businesses embrace digital transformation. However, the path forward is not without challenges. 

Issues such as cybersecurity risks, regulatory compliance, counterparty risks, and data privacy will require concerted efforts from HR professionals, IT experts, and regulatory bodies to develop best practices and establish industry-wide standards. In conclusion, the future of HR management is closely tied to the integration of blockchain technology. Its potential to revolutionize processes, enhance transparency, and improve efficiency positions it as a game-changing innovation for the industry. HR professionals and businesses must be prepared to embrace these changes and seize the opportunities that blockchain offers for the future of work.
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Middle East
Blockchain Blockchain Security Blockchain Technology Customs and Excise Act Cyber Security Data Management Dubai Middle East

Dubai Customs Introduces Blockchain Platform to Streamline Commerce

 

Dubai Customs has recently unveiled a new blockchain platform aimed at streamlining commercial activities in the region, reinforcing its status as a technology-forward market. This initiative seeks to address and overcome obstacles hindering entrepreneurship in Dubai by leveraging blockchain technology to enhance transparency and facilitate secure data sharing. 

The newly introduced platform promises to offer secure and cost-effective solutions along with technology-driven logistics initiatives. Sultan Ahmed bin Sulayem, Chairman of Dubai’s Ports, Customs, and Free Zone Corporation, described the platform as a significant advancement in improving business and commercial operations in Dubai. “We are confident that the adoption of modern technologies such as blockchain will greatly contribute to enhancing the business environment and solidifying Dubai’s position as a key global trade hub,” Sulayem stated. 

Blockchain technology, or distributed ledger technology, distributes data across multiple nodes, thus avoiding centralization on a single server as seen in traditional systems. This feature significantly enhances security by making it difficult for malicious actors to infiltrate the network. Additionally, any information stored on blockchain networks is immutable, promoting transparency in business operations. 

Dubai officials are also keen on utilizing other blockchain features such as live tracking of goods and preventing fraud and counterfeiting. This is not the first time Dubai has explored blockchain technology. In May, a plan was revealed to position the region as one of the top ten economies proficient in metaverse technology. In a previous effort, Dubai collaborated with the Solana Foundation to establish a blockchain framework for its free economic zone, the Dubai Multi Commodities Centre (DMCC), in October 2023. This collaboration aimed to assist businesses in expanding their operations by leveraging blockchain technology. 

The new platform by Dubai Customs is expected to revolutionize the way businesses operate in the region, providing a more secure, transparent, and efficient environment for commercial activities. As Dubai continues to integrate cutting-edge technologies, it strengthens its position as a leading global trade hub and a beacon of innovation in the Middle East.
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web3 technology
Blockchain Blockchain Technology data security DeFi Gaming Community Technology Web3 web3 technology

Hyperscaling and On-Chain Confidentiality: The Cornerstones of Web3’s Future

 

The future of Web3 is being significantly shaped by two critical advancements: hyperscaling and on-chain confidentiality. As blockchain technology continues to evolve, these innovations are poised to address some of the fundamental challenges faced by decentralized systems, paving the way for broader adoption and more robust applications. 

Hyperscaling refers to the capability of blockchain systems to handle a massive number of transactions efficiently and seamlessly. This is crucial for the practicality and usability of decentralized applications (dApps). Without effective hyperscaling, blockchains can become congested, leading to slow transaction speeds and high fees, which are major deterrents for users and developers alike. By improving the scalability of blockchain networks, hyperscaling ensures that dApps can support extensive user bases and complex functionalities, making them more viable for mainstream use. 

On-chain confidentiality, on the other hand, addresses the critical issue of privacy within blockchain transactions. While blockchain technology is inherently transparent, this transparency can be a double-edged sword when it comes to sensitive data. On-chain confidentiality allows transactions to occur in a manner that ensures privacy, protecting sensitive information while maintaining the integrity and security of the blockchain. This is particularly important for sectors such as finance, healthcare, and personal identity management, where the protection of confidential data is paramount. 

The integration of hyperscaling and on-chain confidentiality is not just about overcoming technical hurdles; it’s about transforming the user experience and broadening the scope of what can be achieved with blockchain technology. For instance, in decentralized finance (DeFi), hyperscaling can enable platforms to handle more users and transactions without compromising performance. At the same time, on-chain confidentiality can ensure that users’ financial data remains private and secure, fostering greater trust and adoption. Moreover, these advancements open the door to new and innovative use cases. 

In the gaming industry, for example, hyperscaling can support complex in-game economies and interactions among millions of players. On-chain confidentiality can protect players’ personal data and transaction histories, enhancing the overall gaming experience. Similarly, in supply chain management, these technologies can ensure that data is both scalable and secure, allowing for efficient and transparent tracking of goods without compromising sensitive information. The ongoing development and implementation of hyperscaling and on-chain confidentiality reflect a broader trend towards making blockchain technology more user-friendly and adaptable. These innovations are set to play a crucial role in the next phase of Web3’s evolution, driving greater adoption and enabling more sophisticated applications. 

The future of Web3 looks incredibly promising with the advent of hyperscaling and on-chain confidentiality. These advancements are essential for addressing current limitations and expanding the potential of blockchain technology. By enhancing scalability and ensuring privacy, hyperscaling and on-chain confidentiality will be the cornerstones of Web3’s next evolutionary step, driving innovation, trust, and widespread adoption in the decentralized landscape.
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Web3
Blockchain Technology data authenticity data ownership Digital Landscape Identity verification self-sovereign identity Technology Web3

Identity Verification Becomes Crucial in the Digital Age

 

In the rapidly changing digital landscape, identity verification is emerging as a critical concern. As Web3 places increasing emphasis on data ownership and trust, authenticating one’s identity is becoming a major challenge. Recently, Roundtable anchor Rob Nelson and Ralf Kubli, board director at Casper Association, discussed how blockchain technology could address this issue.

Nelson began the discussion by pointing out the prevalent confusion and distrust regarding data authenticity. He posed questions like, "How do I know where the data's coming from? How do I know I can trust the data?" Nelson suggested that blockchain technology, including possibly bitcoin, could offer the needed security and trust for authentic identity verification.

Kubli acknowledged the widespread frustration in the blockchain community regarding identity verification. "Identity is such a clear use case for blockchain," he stated. He elaborated on the concept of self-sovereign identity, where individuals fully control their data using advancements like knowledge proofs.

However, Kubli highlighted a major obstacle: the reluctance of large corporations and governments to adopt blockchain for identity verification. "Some of the largest corporations and governments are reluctant to use blockchain in this environment," he noted, despite its advantages. Kubli contrasted successful identity solutions, like India’s unified payment interface, with the fragmented approaches in the United States and Europe.

Nelson probed further, questioning whether this resistance was simply a matter of time and technological adoption. Kubli agreed, likening the situation to the early days of email adoption by governments. He expressed optimism that a compelling use case would eventually drive adoption, similar to how tokenization is becoming popular among large non-financial firms.

Kubli predicted, "I think once an entity like Microsoft or eBay comes up with a solution, the government will have to jump in."
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Zero-Knowledge Proofs
Blockchain Technology Cryptomining News Cyber Security Online Security Zero-Knowledge Proofs

Unveiling the Power of Zero-Knowledge Proofs in Blockchain Technology

In the dynamic realm of blockchain technology, a groundbreaking innovation is emerging as a beacon of privacy and security: Zero-Knowledge Proofs (ZKPs). These cryptographic marvels are poised to redefine the landscape of blockchain transactions, offering unparalleled privacy and integrity. Let's delve into the intricate world of ZKPs and explore their transformative potential within the blockchain ecosystem. 

Let’s Understand What is ZKPs Zero-knowledge Proofs 

(ZKPs) stand as a cornerstone of modern cryptography, enabling individuals to assert knowledge of specific data without disclosing the data itself. Their utility extends across various domains, particularly in scenarios where data confidentiality is paramount. 

Privacy on Blockchains: While blockchains offer transparency, preserving privacy is often crucial, especially when dealing with sensitive financial or personal information within smart contracts. To safeguard this data, smart contracts typically require specific inputs before execution. 

Prover and Verifier: In Zero-Knowledge Proofs (ZKPs), one party (the prover) demonstrates cryptographically to another party (the verifier) that they possess accurate knowledge of hidden data. The data remains undisclosed, known only to the prover with a high level of certainty. 

Maintaining Privacy: ZKPs emerge as a key method for ensuring privacy on public blockchains. They enable the prover to prove knowledge without revealing the actual data, crucial for preserving confidentiality in transactions. 

Enhanced Security: Beyond privacy, ZKPs also bolster security. With 66% of organizations experiencing cyber attacks in the past year, such technology becomes increasingly vital for safeguarding sensitive information. 

Understand With This Example: 
Imagine your friend, Chani, claims she knows the password to your favorite online game but does not want to reveal it. Instead, she aims to prove her knowledge without disclosing the password itself. Enter Zero-Knowledge Proofs (ZKPs). 

In this scenario, Chani serves as the prover, while you are the verifier. Chani seeks to demonstrate her knowledge of the password without giving it away. Using a Zero-Knowledge Proof, Chani can achieve this by engaging in a series of interactions with you that showcase her knowledge without directly revealing the password. 

For example, Chani might ask you to input any word as a password and then perform a sequence of actions that only someone aware of the actual password could execute correctly. Perhaps she requests you to enter the password into a login screen multiple times, each time making slight modifications to the input to prove her familiarity with the correct password. After witnessing several successful attempts, you become convinced of Chani's knowledge of the password, even though she never explicitly discloses it. 

In this manner, Chani effectively proves her knowledge without divulging any additional information beyond the fact that she knows the password. This straightforward illustration underscores the efficacy of Zero-Knowledge Proofs in real-life scenarios, enabling individuals to demonstrate possession of specific knowledge without exposing the knowledge itself. Such a concept finds broad applicability across various domains, including cryptography, cybersecurity, and everyday interactions where privacy and security are paramount. 

Understand How ZKP Works? 

Advanced Verification: This is like a security guard checking if someone trying to enter a restricted area knows the secret moves or actions. If someone tries to fake it, the security system detects the trickery. 

Interactive ZKP: This is when the prover has to go through the secret handshake process separately with each verifier every time they want to prove their knowledge. 

Non-Interactive ZKP: Here, the prover creates a special proof that anyone else who knows the secret handshake can easily check without having to interact directly with the prover. It is like having a stamp of approval that others can use to verify your knowledge. 

Zero-Knowledge Proofs (ZKPs) Come in Different Types, Each With its Own Strengths: 

PLONK: This ZKP is highly versatile and can handle various tasks involving many people. It is like a Swiss Army knife of ZKPs, ready for any challenge. 

ZK-SNARKS: These proofs are fast and easy to verify. They are like simple puzzles that you can quickly solve once you have the right pieces. Using smart math tricks, they keep things running smoothly. 

ZK-STARKS: These proofs are lightning-fast. They do not need much chatting back and forth between the prover and verifier, so they speed through the process. 

Bulletproofs: These ZKPs are short and to the point. They do not require any special setup, making them perfect for keeping cryptocurrency transactions private without relying on trust. 

Zero-Knowledge Proofs (ZKPs) are rapidly becoming a standard in various fields, offering solutions to pressing challenges. They enable private transactions, as seen in cryptocurrencies like Zcash, ensuring anonymity for users. Additionally, ZKPs contribute to decentralized identity systems, safeguarding personal information while allowing for verification. Furthermore, they facilitate verifiable computations in decentralized networks, enhancing the trustworthiness of smart contracts accessing off-chain data. With their versatility and security features, ZKPs are poised to continue revolutionizing cybersecurity, Web3 projects, and beyond, shaping the future of digital transactions and identity management. 
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Web3 startups
2024 revival Blockchain Technology decentralized databases funding trends regulatory landscape tech investments Technology Web3 Web3 startups

Exploring the Potential Revival of Web3 in 2024

 

Web3 startups have been grappling with a significant drop in funding, with second-quarter figures in 2023 showing a staggering 76% decline compared to the previous year, according to Crunchbase. Despite raising a modest $4 billion in the first half of 2023, a sharp contrast to the nearly $16 billion raised in the same period in 2022, the overall trend pointed to a challenging fundraising landscape for these companies.

The downturn can be attributed to various factors, including a lack of investor confidence following market setbacks such as the FTX fiasco and the Three Arrows and Luna debacles. Regulatory actions against major players in the field have heightened concerns about regulatory risks. Additionally, a decline in active developers, users, and overall transaction volume on exchanges further contributed to the downturn.

However, beneath the surface of this market turbulence lies the untapped potential of decentralized databases within the Web3 framework. As governments worldwide implement new data regulatory regimes, the ability of Web3 to empower users to manage their own data becomes increasingly crucial.

Contrary to the boom-and-bust narrative, Web3's architecture offers a unique solution to the challenges posed by evolving data regulations. Instead of companies managing user data, Web3 allows users to control their data, providing software products access only with explicit permission.

Web3 startups face a crucial juncture in their evolution, necessitating a shift in their approach to marketing and selling. Unlike the seamless transition from Web 1.0 to Web 2.0 observed in the mid-2010s, Web3 startups must adapt to survive in a market where fewer than 60 companies generated over $5 million in revenues on chain in 2022.

To thrive, these startups need to expand their buyer base to untapped markets, particularly within the cloud software and infrastructure sector, which constitutes a significant portion of the $1.5 trillion global IT spend. A key aspect of this expansion involves adopting more recognizable language, simplifying terms such as "wallets, blockchains, and tokens" to "accounts, databases, and credits."

Promoting the value proposition and focusing on delivering greater revenue growth at lower costs will be essential for Web3 startups. Embracing the advantages of decentralization, such as improved performance, enhanced security, and compliance guarantees, can help bridge the gap between Web 2.0 and Web3 technologies.

For instance, blockchain technologies can address the growing complexities of data privacy laws by combining the benefits of personalization with crypto-based privacy. Encrypting preferences on the public blockchain allows users to manage their data, satisfying international regulations while enabling publishers to customize sites with user consent.

As the industry navigates this transformative period, startups must focus on practical applications that combine the strengths of Web 2.0 and Web3 to meet the growing demands for privacy and personalization. For investors like Theory, the convergence of Web 2.0 and Web3 software signals a promising future, as Web3 companies strategically embrace lessons from the past to shape their future endeavors.
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Threat Intelligence
AI-Blockchain Blockchain Technology Data Safety Technology Threat Intelligence

Integrating the Power of AI and Blockchain for Data Security and Transparency

 

In an ever-changing digital landscape, providing strong data security and transparency has become critical. This article explores the dynamic interaction of two transformational technologies: artificial intelligence (AI) and blockchain. 

AI improves data security

Artificial intelligence (AI) is critical for enhancing data security via advanced technology and proactive techniques. Machine learning techniques offer real-time threat detection by recognising patterns and abnormalities that indicate potential security breaches. Predictive analytics assesses and anticipates threats, enabling proactive intervention. Furthermore, AI-driven anomaly detection improves the ability to quickly identify and respond to emerging security concerns. 

Blockchain, a transformational force, enables unparalleled data transparency. Its decentralised and irreversible ledger structure means that once data is recorded, it cannot be changed or tampered with, instilling trust in information integrity. Smart contracts, a critical component of blockchain technology, automate and transparently implement established rules, hence improving overall data governance. Blockchain provides a safe and transparent framework, making it an effective solution for industries looking to establish trust, traceability, and accountability inside their data ecosystems.

Synergies in AI and blockchain

The synergies between AI and Blockchain form a potent combination, tackling an array of data security and transparency concerns. AI's analytical capabilities strengthen blockchain functionality by allowing for advanced data analytics on a decentralised ledger. AI-powered algorithms help to detect trends, anomalies, and potential security threats within the blockchain network, hence strengthening overall security measures. Furthermore, AI-driven verification methods improve the accuracy and dependability of blockchain-stored data, increasing trustworthiness and transparency of information. This collaborative integration enables a more resilient and efficient approach to overseeing and safeguarding data in the digital era. 

Managing the integration of AI with Blockchain poses a number of issues and considerations. Ethical issues arise as AI algorithms make decisions, requiring evaluation to mitigate biases and ensure equality. Scalability concerns exist in blockchain networks, mandating solutions for increased transaction volume. Regulatory issues and compliance standards pose challenges, requiring a balance between innovation and adherence to legal frameworks.

The prospects for using blockchain technology and artificial intelligence (AI) to improve data security and transparency seem promising. As technology advances, it will probably enhance the complementary effects of these two revolutionary forces, increasing the limits of what is possible.

Challenges with integration 

Blockchain and AI integration is not without obstacles, though. As AI systems make decisions, ethical issues surface, requiring constant oversight to avoid prejudices and ensure fairness. Blockchain networks continue to face scalability issues, requiring solutions for increasing transaction volumes. Another level of complexity is added by regulatory compliance, which necessitates a careful balancing act between innovation and legal framework compliance. 

The future of AI and Blockchain in terms of data security and transparency is bright, notwithstanding these obstacles. It is likely that constant development will enhance the synergy between these revolutionary technologies, expanding the limits of what is feasible.
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NKN protocol
Blockchain Technology Cyber Security Cybersecurity DDOS Attacks multi-platform threat NKAbuse NKN protocol

NKAbuse Malware Utilizes NKN Blockchain Technology for Executing DDoS Attacks

 

A newly identified multi-platform threat named NKAbuse has surfaced, employing a decentralized peer-to-peer network connectivity protocol known as NKN (New Kind of Network) for communication. Russian cybersecurity firm Kaspersky detailed the malware's capabilities in a report, describing it as a robust implant with both flooder and backdoor functionalities.

NKN, boasting over 62,000 nodes, functions as a software overlay network on the existing Internet, allowing users to share unused bandwidth and earn token rewards through a blockchain layer on top of the TCP/IP stack. NKAbuse, however, takes advantage of this technology to execute distributed denial-of-service (DDoS) attacks and operate as an implant within compromised systems.

While threat actors commonly exploit emerging communication protocols for command-and-control purposes to elude detection, NKAbuse stands out by leveraging blockchain technology. This malicious software communicates with the bot master using the NKN protocol, implementing the Go programming language. Its primary targets seem to be Linux systems, including IoT devices, particularly in Colombia, Mexico, and Vietnam.

The scale of the attacks remains uncertain, but Kaspersky highlighted an incident involving the exploitation of a six-year-old critical security flaw in Apache Struts (CVE-2017-5638, CVSS score: 10.0) to breach an unnamed financial company. The attack sequence involves the delivery of an initial shell script, responsible for downloading the implant from a remote server after verifying the target host's operating system. The server hosting the malware supports various CPU architectures, featuring eight different versions of NKAbuse.

Notably, NKAbuse lacks a self-propagation mechanism, requiring delivery through an initial access pathway, such as exploiting security flaws. The malware employs cron jobs to persist through reboots, checking the user ID and, if it is root (ID 0), adding itself to the crontab for every reboot.

The malware also incorporates backdoor features enabling it to send periodic heartbeat messages to the bot master, providing system information, capturing screenshots, performing file operations, and executing system commands. Kaspersky emphasizes that NKAbuse is crafted for integration into a botnet but can adapt to functioning as a backdoor on a specific host. The use of blockchain technology ensures reliability and anonymity, hinting at the potential for the botnet to expand steadily over time without an identifiable central controller.

Zheng "Bruce" Li, co-founder of NKN, expressed surprise at the misuse of NKN technology, emphasizing that NKN was designed to offer secure, private, decentralized, and scalable peer-to-peer communication. He expressed a willingness to collaborate with security experts to enhance internet safety.
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Technology
Blockchain Technology Data Theft New Technology Passport System Technology

Learn How Blockchain Technology Will Revolutionize Passport System in the World

 
In this era of advanced technology, passports are undergoing a significant transformation. The integration of blockchain technology into passport systems represents a major upgrade. This innovation can potentially enhance safety and efficiency, benefiting travelers and governmental authorities alike. It promises a more secure and seamless travel experience for everyone involved. 

In the conventional passport system, three major challenges demand immediate attention for a more effective approach to identity verification and travel documentation. 

Security Vulnerabilities: Traditional passports, relying on centralized databases and physical stamps, are susceptible to counterfeiting and fraudulent activities. Exploitation of these vulnerabilities by criminal elements can compromise the integrity of the passport system, posing a significant threat to global security. 

Cumbersome Verification Processes: Verifying traditional passports often entails manual checks and intricate bureaucratic procedures. This results in prolonged waiting times at border crossings and airport checkpoints, causing inconvenience to travelers and placing strain on border control resources. 

Privacy Concerns: The centralized storage of sensitive personal information in traditional passports gives rise to legitimate privacy concerns. Individuals may be uneasy about their data being concentrated in a single centralized authority, increasing the risk of unauthorized access or misuse. 

Addressing these challenges is crucial for advancing the reliability and efficiency of identity verification and travel documentation processes. However, blockchain technology could be a cornerstone in fortifying the security of passport systems for several reasons: 

Advanced Security Measures: Through its decentralized and unalterable ledger, blockchain provides an unprecedented level of security. Once information is logged, it is impervious to any form of tampering or modification, creating a robust defense against fraudulent activities. 

Perpetual Data Integrity: Data stored on a blockchain is everlasting and remains impervious to modification. This guarantees the trustworthiness and reliability of passport information, effectively minimizing the risks associated with identity theft or forgery. 

Distributed Architecture: In contrast to conventional centralized databases, which are susceptible to cyberattacks, blockchain operates on a decentralized network. This disperses data across multiple computers, significantly lowering the likelihood of a single point of failure. 

Enhanced Operational Efficiency: Blockchain technology has the potential to optimize the verification process, leading to reductions in both time and resources expended on manual checks. This can result in more streamlined and expeditious procedures at border crossings and airports. 

Empowered Privacy Management: Blockchain can be configured to grant individuals greater control over their personal data. They have the authority to dictate which information is shared and with whom, mitigating the risks of unauthorized access. 

Facilitated Interagency Communication: Blockchain can enable seamless communication among diverse government bodies and international entities. This can result in heightened coordination in realms such as immigration, border control, and security. 

Immutable Documentation: Once a passport is issued and its details are logged on the blockchain, it becomes an impervious document. This ensures the unyielding integrity and permanence of the data throughout the passport's validity period. 

Using blockchain technology, run and shared only by governments, could be a revolutionary step for everyone. It will make things cheaper, and faster, and push us forward into the next era.
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Worldcoin
Blockchain Technology cryptocurrency Kenya Government Technology Worldcoin

Worldcoin Suspended in Kenya as Thousands Queue For Free Money

 

Kenya's government recently issued an order to cryptocurrency initiative Worldcoin, directing them to halt the registration of fresh users due to concerns regarding data privacy. During this week, a significant number of Kenyan citizens have been lining up at registration centers to obtain the cryptocurrency, valued at approximately $49 (£39). 

However, the Kenyan government has issued a cautionary notice, urging people to exercise caution when sharing their personal data with private companies. The Communications Authority of Kenya has expressed specific concerns regarding the cryptocurrency project. 

Their apprehensions include the manner in which biometric data is being stored, the practice of offering money in return for data, and the potential risk associated with entrusting vast amounts of data to a private company. 

The Ministry of the Interior in Kenya has initiated an official investigation into the operations of Worldcoin and has called upon security services and data protection agencies to verify its authenticity and legality. 

Worldcoin responded to the situation through a statement released on Thursday, announcing its plans to implement crowd-control measures and collaborate with the government before resuming its activities. The organization assured that it is committed to adhering to Kenyan regulations. 

Meanwhile, in the capital city, Nairobi, at one of the pop-up registration centers, hundreds of individuals were left unable to proceed with the registration process on Wednesday. The authorities deemed the large crowd as a "security risk," leading to the temporary suspension of the registration activities. 

"I've been coming here almost three days to line up and register. I want to register because I'm jobless and I'm broke, that's why I'm here, I came here yesterday. I waited until my phone died. So I came again today but I missed the registration again. I really like Worldcoin because of the money. I'm not worried about the data being taken. As long as the money comes," Webster Musa said. 

According to a statement given to BBC, Worldcoin selected Kenya as its initial African launch destination due to the country's thriving tech industry and the presence of over four million Kenyans actively engaged in cryptocurrency trading. The company saw the nation as an opportune location to introduce its platform to the African market.
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Worldcoin
Blockchain Technology cryptocurrency Data protection OpenAI Privacy Worldcoin

Worldcoin Crypto Project Already Under Radar in Europe



This week, Worldcoin is set to start its official global rollout but is already facing a setback from the European data protection authorities. 

Worldcoin is OpenAI CEO Sam Altman's attempt to corner the market for humanness verification by persuading enough mobile users to have their eyes scanned in exchange for cryptocurrency tokens.

Why Does Anyone Need to Prove Their Humanness? 

One reason is the advancement in Altman's generative AI technology is making it more difficult to discern between bot-generated and human digital behavior. But don’t worry, he’s got an eyeball-scanning orb-plus-crypto-token to sell humanity on for that.

Now, any willing individual can acquire Worldcoin's “digital token” by selling their biometric data. This situation is rising in four European markets: The U.K., France, Germany, and Spain. This has further raised concerns of privacy regulators who are all set to investigate Worldcoin on what they are doing to their personal data.

In regards to this, the UK Information Commission Office has released a public statement, stating it will be making inquiries about the Worldcoin launch held earlier this week. “Organisations must conduct a Data Protection Impact Assessment (DPIA) before starting any processing that is likely to result in high risks, such as processing special category biometric data. Where they identify high risks that they cannot mitigate, they must consult the ICO,” they added.

In a further remark, the French administrative regulatory body for ensuring data privacy law, CNIL reviewed the issue. In its initial investigation, CNIL  declared that it has selected its Bavarian counterpart as the leading organization in Europe to look into Worldcoin and that it supports their inquiry. However, Bavaria's data protection agency had no immediate response when contacted by AFP on Friday.

According to its website, Worldcoin intends to establish the "world's largest identity and financial public network" with its cryptocurrency and identification system.

Earlier this week, countering the allegations, Altman and co-founder Blania noted on Twitter that Worldcoin offers a "reliable solution for distinguishing humans from AI online while preserving privacy."

They added that Worldcoin, as a blockchain-based technology will help in improving economic opportunities and democratic processes.

While the most well-known blockchain, which powers the cryptocurrency Bitcoin, is infamous for being slow and expensive due to the requirement of enormous computer processing power to validate transactions as part of its system to reward processors with new bitcoins, Worldcoin can offer lower costs and faster data transfer while ensuring secure transactions.  

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Threat Landscape
Blockchain Blockchain Technology Cyber Security Smart Contracts Threat Landscape

Understanding the Drawbacks of Blockchain Smart Contracts

 

Blockchain technology has grabbed the attention of companies across the globe. Due to its benefits, such as immutability and transparency, traditional companies outside of banking, like BMW and Bosch, have begun to experiment with smart contracts to produce more efficient supply chains and better engineering products.

A number of parties' agreements can be formalised and carried out using smart contracts, which are simply software codes included into a particular blockchain. This eliminates the need for a third party middleman, saves time, and enables multi-party consensus-based validation. They can be applied to many other tasks, including transferring deeds, playing chess, and creating wills.

But despite the disruptive potential and highly praised abilities blockchain promises, the number of heists targeting smart contracts has increased more than 12-fold over the past two years. Why are there so many more heists now if they are so intelligent?

Let's define the connection between smart contracts and blockchain for better comprehension. 

Decentralisation 

Consider each smart contract in a blockchain network similar to Amazon's AWS platform as a server. Blockchain makes it more difficult for attackers to employ conventional hacking techniques like Trojan horses, physical attacks, and ransomware because there isn't a single centralised site for them to exploit. By removing the single point of failure in a network, blockchain combats these. 

While it's not technically possible to hack a blockchain network, many distributed applications and smart contracts that blockchain enables can. 

Large sums of value are being funnelled through smart contracts as a result of the progressively expanding success and influence of decentralised finance (DeFi), making them tempting to hackers. And as the number of tokenized real-world assets increases, this threat is expected to grow. Because funds stolen via smart contracts are extremely difficult to recover, hacking poses a severe threat to this emerging blockchain sector. 

Smart contract threats

Smart contracts, like all code, are susceptible to human mistake. These faults can be typos, misrepresentations of specifications, or more serious mistakes that can be utilised to hack or "trick" the smart contract. There is no guarantee that the contracts have been peer-reviewed or validated, as opposed to blockchain. 

A smart contract audit may be able to spot errors in the coding, but other dangers are more difficult to detect. For instance, the default-visibility vulnerability is a typical error that happens when the visibility of functions is not specified and some functions are left public. For instance, hackers may gain access to the mint feature and produce billions of relevant tokens. Fortunately, by conducting an audit to make sure that all functions are set to private by default, this vulnerability may be avoided. 

Reentrancy attacks pose different, more complex and dangerous threats as a result of coding flaws. This occurs when an attacker deploys a malicious smart contract to communicate with the one holding the funds through the external function calls of the smart contract.

Mitigation tips

Not to mention that most smart contract administrators grant themselves certain admin capabilities, usually to make post-launch updates. Administrators must utilise their private keys to gain access to these rights. These private keys are yet another risk, and if they are not properly stored (i.e., in an offline cold vault), hackers who acquire access can alter the smart contract and send funds anywhere they want. 

Recently, the European Parliament mandated that a kill switch mechanism be used to mitigate damage in the event that a smart contract is hacked. While the authorities intended to provide users greater control over their personal data, the act has raised worries among the Web3 community. 

A kill switch might obliterate the entire smart contract and any value that was put on it if it were not done properly. A pause function that, in the event of a security threat, could freeze the smart contract and restart it after the problem is fixed would be a superior solution.

If the pause feature is used, the administrator is recommended to use two different private keys. Because as soon as the contract's private key (used to pause it) is live, it opens itself up to assault. Separating the pause and unpause admin keys and keeping them offline increases the security of the smart contract by removing potential weak points. 

The DeFi and blockchain ecosystems are subject to security risks, as are all technological platforms. As we've seen with the advent of DeFi platforms and protocols, smart contracts provide advantages, but these advantages can be mitigated by being aware of their weaknesses, conducting thorough research, and adhering to the recommendations in this article. With time, improved security standards will emerge, strengthening the use cases for smart contracts and bringing forth a more stable blockchain environment.
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Technology
Blockchain Technology Crypto Hacking Data Privacy Financial Exploit North Korea Hackers Online Safety Technology

How Blockchain Technology is Playing a Major Role in Combating Crypto Hacking Risk

 

The world of cryptocurrencies is not immune to the shadows that come with living in a time when digital currencies are having such a significant impact on the global financial landscape. 

Malicious actors are devising complex plans to take advantage of this expanding market while remaining unseen and hidden in the shadows of the internet. Even if the situation involving the most recent Euler Finance exploit and the Ronin Network hack last year was frightening, it is not an isolated incident. 

The finding of a potential link between these instances has caused concern among those in the cryptocurrency community regarding the security and traceability of digital assets. 

The Ronin Bridge exploiter, who is thought to be connected to the notorious North Korean hacker group Lazarus Group, received 100 Ether, or $170,515, via a wallet address connected to the Euler Finance exploit. These occurrences serve as a sharp reminder of the cyberthreats that exist within the crypto sector and may jeopardise its integrity and safety. 

However, this cloud does have a silver lining. The discovery of these links further demonstrates the effectiveness of blockchain technology in locating and perhaps even reducing these concerns. As we continue reading this article, we'll examine the intricacies of cryptocurrency hacking and talk about how to effectively counter such malicious threats. 

How does crypto hacking work?

Crypto hacking, in its most basic form, is the unauthoritative access to and theft of digital assets kept in cryptocurrency wallets and exchanges. It is a type of cybercrime that targets the blockchain ecosystem specifically and takes advantage of flaws in hardware, software, or user behaviour to gain cryptocurrencies in an unauthorised manner. 

Crypto hackers use a variety of strategies. One of the most typical is phishing, where a hacker impersonates a reliable entity to deceive people into disclosing sensitive information like private keys or login passwords. The use of malware or ransomware, which infiltrates networks and either directly steals cryptoassets or holds them for ransom, is a further popular tactic. However, these aren't the only techniques available for crypto cracking. Since hot wallets on crypto exchanges are more prone to attack than cold wallets, hackers target them. 

This includes the current scandals surrounding the Ronin Network and Euler Finance. They depict what are referred to be DeFi exploits. DeFi platforms, like Euler Finance, run on smart contracts, which are self-executing contracts with the conditions of the agreement put directly into code. These smart contracts have numerous benefits, such as transparency and a reduction in the need for middlemen, but they may also have flaws or other weaknesses that cunning hackers might take advantage of. 

Rise in crypto crimes

In 2022, Chainalysis recorded bitcoin thefts of $3.8 billion, a startling increase from the $0.5 billion taken in 2020 and a 15% increase over the $3.3 billion reported in 2021. The increase in online holdings brought about by the rise in public use of digital currencies has made them more desirable and reachable targets for cybercriminals.

De-Fi protocols, essential pieces of technology that support major cryptocurrency exchanges and organisations, were identified by Chainalysis as the key target of assaults in both 2023 and 2022. De-Fi protocols accounted for 82% of all hacking instances in 2022, an increase from 73% in the previous year. 

North Korea continues to lead the pack in terms of dedication to bitcoin hacking. Chainalysis estimates that NK-connected cybercrime groups, such the Lazarus Group, stole $1.7 billion in 2022, making up about half of the annual global total. In 2022, NK stole more digital currency than ever before, according to a recent United Nations report on cyberattacks, albeit the value of the stolen assets vary. 

According to The Conversation, North Korea uses the stolen cryptocurrency to fund its sanctioned nuclear programme, indicating that its hacking activities are unlikely to slow down anytime soon. Compared to prior years, 2022 will see a significant increase in hacking activity, according to Chainalysis' year-over-year research. 

Prevention tips 

The increase in crypto hacking events and the daring actions of organisations like the Lazarus Group highlight the pressing need for strong deterrents. A multifaceted strategy combining technological, legal, and instructional tactics is necessary to tackle these dangers.

Technology-based barriers: The first line of defence against advanced persistent threats is strong cybersecurity measures. This entails the deployment of firewalls, secure, up-to-date software, and robust encryption for all data transmissions. MFA, or multi-factor authentication, can offer an additional layer of security to prevent unauthorised access. 

Regular smart contract audits by outside security companies can aid in identifying and fixing vulnerabilities in the DeFi space before they are exploited. Additionally, the usage of bug bounty programmes, in which ethical hackers are compensated for identifying and disclosing software vulnerabilities, might be an efficient tactic to foreseeably discover possible security weaknesses.

Legal obstacles: Another important component of stopping crypto hacking is using legal disincentives. This entails the creation and application of stringent legislation and rules to deter online criminal activity. The decentralised and international character of cryptocurrencies, however, can make enforcing laws more difficult. Despite these difficulties, there have been cases where hackers have been caught and charged, including the notorious Silk Road case, illustrating the effectiveness of legal deterrents. Blockchain forensics and international cooperation between law enforcement organisations can be crucial in locating and prosecuting these fraudsters. 

Educational barriers: Education is also a potent deterrent. In cybersecurity, the human element is frequently the weakest link since people are readily duped into disclosing private information or acting riskily. Therefore, educating people on how to protect their digital assets, spreading awareness of safe online conduct, and encouraging these behaviours are essential steps in preventing crypto hacking. 

Cybercrime is still a significant concern as we negotiate the complicated world of cryptocurrency. Axie Infinity's Ronin Network and the hacker group Lazarus' suspected involvement in such breaches serve as a sobering warning of the vulnerability of digital assets. Although law enforcement authorities and cybersecurity companies are stepping up their efforts to prevent and track down these hackers, the reality is that due to the anonymity and decentralised nature of cryptocurrencies, these efforts are made more difficult. 

Though it is still in its infancy, insurance is beginning to show promise as a way to reduce the risk of loss from cybercrimes. Crypto insurance may provide some amount of defence against losses brought on by theft, hacking, and other cybersecurity breaches. However, it is a challenging task due to the volatile nature of crypto assets and the absence of comprehensive rules.

In the end, protecting digital assets depends on personal watchfulness, technological breakthroughs, legal frameworks, and international cooperation. The necessity for effective legal deterrents and strong cybersecurity safeguards will only become more pressing as we continue to learn more about cryptocurrency. In this fast-changing environment, the development of crypto insurance and other preventive measures will surely play a crucial role.
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Technology
Blockchain Technology Credential Reuse Data Privacy Digital Infrastructure Online Safety Technology

Deloitte Launches Blockchain Integration for Digital Credentials

 

One of the "Big Four" accounting firms, Deloitte, is in the forefront of the adoption of blockchain technology to transform the issue of digital credentials. 

KILT's blockchain technology will be used to create reusable digital credentials for Know Your Customer (KYC) and Know Your Business (KYB) processes, the firms stated in partnership with BOTLabs GmbH, creator of the KILT Protocol. Streamlining verification procedures and enhancing data privacy are the two goals of the creative solution. 

Reusable credentials for transforming verification 

Commonly requiring several data points and paper-based credentials, traditional KYC and KYB processes are repetitious and wasteful. 

Deloitte hopes to address these issues and give clients more control and flexibility over their digital credentials by utilising KILT's identity infrastructure. 

Customers can pick who they share their information with and which data points to divulge by storing their credentials in a wallet on their devices. 

With the help of a browser plugin that serves as a credential wallet created by Deloitte, consumers can easily set up and manage their credentials without any prior blockchain expertise.

Digital credentials anchored on the KILT blockchain, according to Micha Bitterli, Head of Deloitte Managed Services, have the potential to develop new digital marketplaces, ranging from e-commerce and decentralised finance (DeFi) to gaming. 

The credentials are digitally signed by the company, and if a customer's circumstances change after issue, it can revoke them using blockchain technology. 

Verifiable digital credentials built on KILT may be utilised across numerous applications while enabling users to maintain control over their personal information, according to Ingo Rübe, CEO of BOTLabs GmbH and creator of the KILT Protocol.

Growing interest in crypto currency 

Late in April 2023, Deloitte started actively looking for people with bitcoin knowledge to join its team. Over 300 opportunities are open in the US, including titles like Tax Manager for Blockchain & Cryptocurrency and Blockchain & Digital Assets Manager, according to a LinkedIn search. 

Contrasting with its "Big Four" rivals Ernst & Young, KPMG, and PricewaterhouseCoopers, which currently display no results for crypto-related job postings, Deloitte's rising interest in the domain of cryptocurrencies. 

Deloitte's decision to increase the number of employees with a focus on cryptocurrencies shows that it continues to support Web3 and digital assets. In order to offer immersive experiences across diverse industries, Deloitte teamed up with Web3 platform Vatom in February. 

Another illustration of Deloitte's commitment to modernising established procedures and embracing the future of digital asset technology is the incorporation of KILT's blockchain technology for digital credentials.
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