Expert at Check Point Software Technologies (CHKP), Israel, thinks that number of crypto-related crimes will become higher than that of all cyberattacks by the end of 2018. Report appeared in the Times Of Israel on June 22. The expert specifies that crime in cryptocurrency area is any cybercrime action like scams and hacks related to cryptos.
Lotem Finkelsteen, which is the name of the expert, had a speech at Tel Aviv University, more specifically at the event called “Blockchain, The New Digital Age”. According to Finkelsteen, the main concern nowadays is illegal activity in the ICO market which impedes blockchain technology from healthy development.
The expert emphasizes that mining attacks or ICO scams are very frequent today. The blockchain itself suffers from “reputational damage” as all cryptocurrencies and ICO projects have this technology in their bones.
Despite the audience’s rather optimistic views on the future of blockchain, the CTO of Hapoalim, one of the leading banks in Israel, Haim Pinto argued with his concerns about the technology. He stated that he had not seen any “dependably usable” blockchain-powered platforms, especially in banking systems. The bank’s CTO is convinced that blockchain is still not ready for steady operation worldwide, adding that “we can’t just take it and use it.”
It comes that many banks are still conservative about blockchain adoption - yet. But many other banking and financial institutions in the world consider and employ technology’s benefits. Niuron among others, Spanish banking consortium, announced the launch of its blockchain-based ID and verification system for its customers. In addition, People’s Bank of China (PBoC) revealed its plans to digitize paper checks using blockchain. Last month, largest banks in India deployed finance initiative based on blockchain.