In Untact Economy, Fraud is Blocked with Blockchain

Brian Newar 2020-06-01

In the contemporary world where Covid-19 potentially lurks on every other doorknob and touchscreen, the traditional economic arrangement where person A approaches person B to make a transaction has required fundamental changes. The new non face-to-face requirement has opened the market to an array of fraud schemes utilizing email hacking and various other methods. South Korean blockchain company Coinplug announced that they have developed a technology that can block fraud in those instances.

Use case and aims for BSP and the MyKeepin Alliance *courtesy*

Coinplug’s Blacklist Sharing Platform (BSP) utilizes blockchain technology to reduce the need for trust in a non face-to-face transactions and supports the vitalization of the untact economy. BSP combines blockchain technology and mobile digital identification (DID) with CPDAX’s platform to prevent fraud in electronic untact transactions.

Use of BSP will be coupled with the MyKeepin app. The MyKeepin Alliance, led by Metadium with Coinplug as a close partner, was first formed in 2019 and launched its app in April of this year. The app’s use with BSP marks the first major use case for the DID app.

As of now, the blacklist of companies, account numbers, and wallet addresses will be populated only with information from CPDAX and Hanbitco crypto exchanges. Over time, the database of fraudsters will grow as they are verified by other participating organizations domestically in South Korea and abroad. The information will be recorded and managed by a DLT service which users will be able to view and check on demand.

BSP’s most notable advantage will be in crime prevention. Prevention of financial fraud becomes exponentially more difficult when unfamiliar apps, technologies, and terminology are used on an unsuspecting victim. As of now, the vast majority of the population are still unaware of what cryptocurrency can do, is meant to do, and/or how it can do it. That makes it a powerful weapon for scammers and fraudsters globally. BSP claims to be the antidote to financial fraudsters who poison the public outlook on the untact economy by generally increasing the amount of trust users have that their electronic transactions will be settled in good faith.

Tufts university did a poll in 2019 revealing the percentage of a fixed population of people who were aware of various aspects about cryptocurrency.

BSP and MyKeepin represent yet another player to enter the blockchain-based DID market in 2020. Individuals around the world are still being urged to limit the amount of physical interaction they have with others. The longer this goes on, the greater the need for a safe and reliable means of trading funds on a P2P payments platform will be needed. As that need grows, so will the opportunity for scammers to make their hits. The transparency and discreet security provided by blockchain and, by extension, DID, perfectly fit the bill.

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