Bitcoin’s Tech Could Possibly Be Used To Stop Digital Present Card Fraud

Bitcoin might linger on the fringes of the mainstream, but plenty of firms are casting envious eyes in the direction of the know-how that underpins it. Just days after IBM introduced a plan to make use of the blockchain as the basis for its personal funds platform, Gyft has said that it is doing the same. The digital reward card firm has revealed that it is trying into methods to “tokenize” reward cards and difficulty them on the blockchain for higher theft protection. CEO Vinny Lingham has admitted that the corporate is a long way away from having a working prototype, however it’s clear that Bitcoin isn’t going wherever.

What these three attacks have in frequent is they had been all hit by SamSam ransomware, also known as MSIL/Samas.A. Each assault demanded around the identical quantity – about $50,000 in cryptocurrency. Hancock Regional Hospital and Leeds, Alabama, paid the ransom. However, town of Atlanta didn’t. As a substitute, it chose to pay millions to get its systems back on-line.

After that, although, someone supplied Franklin 1.891 ether ($2,890) for the ENS address. Franklin accepted the offer, calling it “probably the most stunning 1.891 ETH I have ever made.” But he forgot to cancel the 100 ether bid he’d made from his second wallet, which means the provide was still energetic. The buyer took advantage, buying the ENS deal with from Franklin for $2,890 — and selling it back to Franklin’s second wallet for $150,000.

You would possibly suppose, “Hey, I already do this once i ship my mates cash with PayPal, Venmo or CashApp.” But you don’t. You still need to have a debit card or bank account linked to these apps to ship funds, so these peer-to-peer funds are nonetheless reliant on centralized monetary middlemen to work.