Tuesday January 26, 2021
Bitcoin (BTC) $32,311.00   Ether (ETH) $1,336.79
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas.net
No Result
View All Result
Home Security

TheVault partners with NEM to identify fraudulent crypto wallet addresses

Published by CryptoNinjas.net
06/04/2019

TheVault Lab, a Singapore-based cybersecurity company, today announced a joint venture with the NEM Foundation to create an anti-fraud solution that uses a consensus network to identify fraudulent cryptocurrency wallet addresses prior to a transaction taking place.

The solution leverages intel provided by participating in cryptocurrency exchanges, wallet owners, and custodians who supply a combination of black, grey, and whitelisted digital addresses to a decentralized database.

When the transfer of digital assets is ready to take place, whether it be a trade or purchase using cryptocurrency, The NEM Vault solution checks the supplying and receiving addresses to ensure that they are legitimate.

“It’s a simple solution. But meaningful for consumers who want guaranteed certainty when making withdrawals or paying someone that their transaction will not be sent to an incorrect address.”

Dannie Francis, TheVault CEO

Although public and transparent, blockchain-based transactions are mainly made through pseudo-anonymous alphanumeric addresses without any attribution to personal identification information such as the name, location, address, transaction bank, etc.

This is a massive pain point for transacting parties as trust is difficult to build. With this solution, transacting parties are provided with a ‘backstory’ of the counterparty address without the need of revealing any personal information.

The basic driver is that blacklisted addresses can be, based on the decision of the Exchange, ruled out from sending or receiving a transaction.

The solution will be built on a private NEM based blockchain taking advantage of Catapult’s superior stability and performance. While TheVault will be providing the development, NEM will be providing marketing and business development resources.

“This is Phase 1 in the rollout of TheVault’s security platform, a platform that comprises a Security Consensus Alliance powered by an AI-driven fraud detection solution and consumer protection layer.”

Jasmine Ng, CEO at NEM Asia

The solution is expected to be ready to go live in Q3 2019.

FacebookTwitterLinkedinRedditE-MailTelegram

Related Posts

NEM Ventures launches 2021 NEM Ignite incubator program

01/25/2021

NEM concludes Symbol blockchain testnet phase in last update before full mainnet launch

12/08/2020

Storj helps NEM, IoDLT improve sync times for MongoDB by 15x

09/24/2020

NEM commences first phase of migration to its next-gen Symbol blockchain

09/15/2020

NEM blockchain native cryptocurrency XEM now listed on bitFlyer

08/06/2020

NEM Ventures invests in blockchain copyright solution SharpShark

07/21/2020
Load More
Leave Comment

Recent Updates

BitPay adds the Changelly crypto exchange API to app

Ibanera to use Fireblocks for secure crypto service management

Mercuryo expands its fiat-to-crypto gateway to the US with Zero Hash

Crypto derivatives exchange Bit.com integrates with Copper ClearLoop for off-exchange settlement

Financial blockchain Findora opens applications for $5M grant program

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit

Trending Views

Zilliqa tokenizes rare single-malt scotch whisky casks, now available to accredited investors

Crypto payment and wallet project TenX shuts down

Japan’s Coincheck lists Enjin Coin (ENJ) after regulatory approval

Crypto exchange Bitpanda opens pre-orders for Visa debit card

Moonbeam and Ocean Protocol to bring a new data economy to Polkadot

  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version