Blockchain Technology – Why is it Considered to be the Safest Platform from Transaction Frauds?
Blockchain Technology offers a secure and non central architecture to financial transactions with minimal financial risk of financial fraudulence across all segments of the financial market.
Blockchain powered products are in-demand to effectively combat the rising risk of investment fraud.
Be it Warren Buffet or Bernie Madoff, some people become famous for the wrong reasons. And more often than not, their notoriety is extended to the industry they represent. Most people today think twice before considering investment in any scheme, be it bonds, stocks, annuity – you name it. With more than 30 million consumers actually suffering from investment frauds a year at an average of $15,000 investment frauds have to be prevented at any cost.
Here’s the good news for those hesitant to take the plunge into the turbulent waters of the trade. Participating in this mode of making money doesn’t have to be as unreliable and deceptive as it is projected. There are, in fact, many options and automated systems newly developed that ensures investors can go about their business in the most secure, transparent, and authenticated ways.
Enter the world of blockchain – a technology that since its inception in 2008 till date has proved impenetrable, and immutable, and chances are it will continue to be so given it is extremely difficult – and insanely expensive – to hack. Initially designed to be a peer-to-peer public ledger for cryptocurrency transactions and exchange, it has undergone extensive meticulously thought out modifications to suit other mediums of exchange. In an investment setting, a blockchain serves as a maximum security digitized end-to-end trade process common register, showing the exact route of financial inflow or outflow.
HashCash has proved itself as one of the best software companies to provide blockchain powered services and products to deal with such issues time and again. HC Corporate Payment makes B2B payments faster, transparent and safe from tampering. Its simplified IT infrastructure operates at a low cost and offers real-time document sharing, instant reconciliation and automation through smart contracts.
Clients of the company can manage working capital efficiently through live tracking of account balance; automatically reconcile transactions with other financial institutions.
In a sector where numerous transactions take place every second having incomparable monetary values, it is very easy for fraudsters to create an environment that can make it challenging to detect discrepancies, at least not until it is too late. But the implementation of a time-tested technology including Public key cryptography, Cryptographic hash functions and Proof-of-work, which time-stamps every transaction with a unique hashing significantly brings down the chances of taking a vulnerable customer for a ride.