Financial Crimes in the Blockchain Space – NFTs in Focus
Coral Springs, FL, April 21, 2022 (GLOBE NEWSWIRE) — Imagine living in a country where all sorts of financial crimes were the order of the day. Then, you relocate to a different country for a better life and a working system. A few months after your relocation, you begin to witness the same vices that led you to flee your country.
What lessons would you take from this experience?
- Safety is a global need.
- The new country’s system needs to improve (or it’ll end up like the former).
- The reputation of the new country deteriorates (FUD), discouraging immigration.
This analogy perfectly represents the current situation with blockchain and fiat economies. Crypto crime reports are on the rise daily, and it is no surprise because fraudsters are active in the blockchain economy, just like in traditional financial systems.
According to reports, the crypto and NFT space lost $3.2 billion worth of funds to fraud in 2021 alone. Criminals are growing faster than security is improving, which is a huge concern. Businesses are losing credibility because of the crimes reported on their platforms.
This growing epidemic in the industry has caused much negative press and hindrance to blockchain adoption. The blockchain community is eager to ensure safety, security, and trust between users and products and services.
However, security risks in the blockchain space continue to increase, making a case for more effective solutions. This article explores REV3AL and how it offers a viable option to resolve these safety issues.
Safety, security, and trust in the blockchain space
The most successful brands in the blockchain space excel at providing safety, security, and trust. These core factors are essential for crypto users and blockchain adoption in everyday life. Any crypto-related business will fail without providing a reliable solution for these three factors in their product/service.
The few businesses that excel on these issues do so by going the extra mile with money, time, and effort to put systems in place to maintain consistency. The blueprint for the most successful blockchain platforms is simplified here –
Top brands build/buy systems that preserve users’ trust
Top businesses use systems to build and maintain trust, and from experience, it is not always the most expensive. Users naturally prefer products and services they trust to provide safety and security. A system like REV3AL helps businesses provide this essential service consistently and reliably.
REV3AL protects digital intellectual property using multi-layer authentication systems. Digital counterfeiting is a perennial issue that predates the NFT boom and is now even more lucrative with the introduction of cryptocurrencies.
How does REV3AL reduce crypto crimes?
Some of the most common crimes in the crypto community are phishing and NFT scams. REV3AL’s tech offers custom solutions to these issues.
- REV3AL allows NFT marketplaces to use their API integration to aid authentication so that only original NFTs exist on their websites.
- It allows users to include digital signatures & watermarks as authentication layers for intellectual property owners to protect their work.
- Like IP owners, creators can use REV3AL technology to upload authentication layers to preserve the value of their original pieces.
- Collectors can use the tech 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 confidence in the blockchain community.
REV3AL’s system is similar to two-factor authentication which businesses use to verify identity and regulate activities on their platforms. This framework facilitates transparent, secure, and consistent value exchange between collectors & creators in marketplaces.
CONTACT: Adam Russel info at rev3al.io
