Blockchain is reinventing financial services, with digital assets and “programmable money” innovations that offer real utility and new approaches for reducing systemic risks. But customers have lost billions of dollars due to cyber hacking, scams, and unregulated products—and if we can’t trust it, we won’t scale it. It’s time to hardwire security into this emerging system.
As Congress explores legislation to pave the way for stablecoins and cryptocurrencies, we have an opportunity to design a future that lets us reap the benefits of blockchain while minimizing the risks. The transparency, security, and verified identity enabled by blockchain offers a more effective model for protection against bad actors than centralized legacy anti-money laundering (AML) and “know your customer” (KYC) compliance approaches employed by banks and regulators. That said, we will only build trust if we remove pain points and obstacles to making digital assets more secure, scalable, and useful.
The crypto market today is an archipelago of blockchains, coins, and tokens traversed by a flotilla of centralized exchanges, digital wallets, and bridges between different blockchains. And it’s easy to get lost at sea, because let’s face it, user experience is subpar, and the industry has been stymied by security lapses and weak customer protections.
Continue reading: https://fortune.com/crypto/2022/10/12/safe-and-secure-crypto-is-closer-than-we-think/
As Congress explores legislation to pave the way for stablecoins and cryptocurrencies, we have an opportunity to design a future that lets us reap the benefits of blockchain while minimizing the risks. The transparency, security, and verified identity enabled by blockchain offers a more effective model for protection against bad actors than centralized legacy anti-money laundering (AML) and “know your customer” (KYC) compliance approaches employed by banks and regulators. That said, we will only build trust if we remove pain points and obstacles to making digital assets more secure, scalable, and useful.
The crypto market today is an archipelago of blockchains, coins, and tokens traversed by a flotilla of centralized exchanges, digital wallets, and bridges between different blockchains. And it’s easy to get lost at sea, because let’s face it, user experience is subpar, and the industry has been stymied by security lapses and weak customer protections.
Continue reading: https://fortune.com/crypto/2022/10/12/safe-and-secure-crypto-is-closer-than-we-think/
