Financial Crimes in the Blockchain Space

Coral Springs, FL, April 21, 2022 (GLOBE NEWSWIRE) — Imagine living in a country where all kinds of financial crimes were the order of the day. Then you move to a different country to have a better life and work system. A few months after your move, you begin to witness the same vices that led you to flee your country.

What lessons would you draw from this experience?

  1. Security is a global need.
  2. The new country’s system needs to improve (or it will end up like the old one).
  3. The reputation of the new country deteriorates (FUD), discouraging immigration.

This analogy perfectly represents the current situation with the blockchain and fiat economies. Crypto crime reports are increasing daily, and it’s no surprise because fraudsters are active in the blockchain economy, just like in traditional financial systems.

According reports, the crypto and NFT space lost $3.2 billion in funding to fraud in 2021 alone. Criminals are growing faster than security is improving, which is a huge concern. Companies are losing credibility due to crimes reported on their platforms.

This growing epidemic in the industry has caused a lot of negative press and hampered the adoption of blockchain. The blockchain community is eager to ensure security and trust between users and products and services.

However, security risks in the blockchain space continue to rise, warranting more effective solutions. This article explores REV3AL and how it offers a viable option to solve these security problems.

Safety, security and trust in the blockchain space

The most successful brands in the blockchain space stand out for providing security and trust. These core factors are essential for cryptocurrency users and the adoption of blockchain in everyday life. Any cryptocurrency related business will fail if it does not provide a reliable solution for these three factors in its product/service.

The few companies that excel at these issues do so by going the extra mile with money, time, and effort to implement systems that maintain consistency. The blueprint for the most successful blockchain platforms is simplified here:

The best brands build/buy systems that preserve user trust

Major companies use systems to build and maintain trust, and from experience, it’s not always the most expensive. Users naturally prefer products and services that they trust to provide safety and security. A system like REV3AL helps companies deliver this essential service consistently and reliably.

REV3AL protects digital intellectual property through multi-layer authentication systems. Digital counterfeiting is a perennial problem that predates the rise of NFTs and is now even more lucrative with the introduction of cryptocurrencies.

How does REV3AL reduce crypto crime?

Some of the most common crimes in the crypto community are phishing and NFT scams. REV3AL’s technology offers customized solutions for these problems.

  • REV3AL allows NFT marketplaces to use its API integration to help authentication so that only original NFTs exist on their websites.
  • It allows users to include digital signatures and watermarks as authentication layers for intellectual property owners to protect their work.
  • Just like IP owners, creators can use REV3AL technology to upload layers of authentication to preserve the value of their original pieces.
  • Collectors can use technology to verify their digital collectibles to ensure their authenticity.

One of the most effective ways to drive blockchain adoption is through security risk management. REV3AL proposes a solution that reduces crime, improves reputation and inspires trust in the blockchain community.

REV3AL’s system is similar to the two-factor authentication that companies use to verify identity and regulate activities on their platforms. This framework facilitates the transparent, secure and consistent exchange of value between collectors and creators in the markets.