It was considered that the Blockchain was an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Eventually, every technology has weak points and that’s the reason the Blockchain was hacked. Therefore, to overcome all the security concerns, BlockSafe Technologies Inc. (now in their Pre-STO funding phase) came up along with its innovative solutions, for which Insights Success has chosen the organization in the list of The Most Disruptive Blockchain Solution Providers.
BlockSafe Technologies, Inc. is taking the lead in securing the blockchain ecosystem with a suite of patent solutions that protect against an array of cyber vulnerabilities. Its products bring trust to the blockchain ecosystem by merging the innovative cyber security solutions with blockchain technology.
The crypto world is built on a highly secured mathematical model that is immature, fragile and vulnerable to cyber-attacks and significant financial loss.
Despite widespread perception that the private blockchain is safe, there are inherent vulnerabilities. BlockSafe addresses these vulnerabilities and offers comprehensive solutions.
Hurdles and Resolutions
With hackers going after crypto currencies, they typically use key-logging, screen and clipboard capture to steal wallet credentials and alter transactions. Crypto Defender™ solves this issue and stops all the malpractices mentioned above. The Private Blockchain’s are also very new and there is no targeted solution available today other than BlockSafe’s Blockchain Defender™. This builds a great opportunity for BlockSafe Technologies.
CryptoDefender™ provides radical security for crypto wallets and crypto exchanges that currently are not secure:
- The same vulnerabilities plague exchanges and individuals and have allowed cyber theft of more than a billion dollars (e.g., Coincheck has lost close to $500 million and BitGrail has lost close to $170 million).
- Crypto Defender™addresses these vulnerabilities and offers a comprehensive solution.
- Currently in Production.
ExchangeDefender™ is a multi-factor authentication product used to add security into user’s crypto exchange:
- Provide keystroke encryption along with multi-factor out-of-band authentication.
- Available Q4 2018
BlockchainDefender™ is a holistic user management platform that offers the industry’s most comprehensive features for user access controls and a transaction verification layer that protects private blockchains.
- Despite common perception, blockchains can be compromised; this is especially true due to the lack of multifactor authentication, transaction verification and policy enforcement tools.
- Available Q1 2020.
George Waller, CEO of BlockSafe Technologies, is also the Executive Vice President of StrikeForce Technologies, Inc., the company that is resolving BlockSafe’s application development and maintenance. The products of BlockSafe come from StrikeForce and have 6 patents currently which are currently active. The Crypto Defender™ and Exchange Defender™ utilize the products and are protected with these patents. The Blockchain Defender™ patent pending is owned by BlockSafe. The other members of the BlockSafe management team, Ram Pammareju and Mark Kay, are also corporate members of StrikeForce Technologies, Inc. and both are having at least 18 years of cyber security experience in technology. George has been watching this space over the years and saw the opportunity to bring its products into the blockchain world under another company mostly formed by StrikeForce.
Experience and Achievements
BlockSafe started out as a Utility company and to build an ICO. George had a word with many lawyers and learned that the direction to stay in the US is actually to become a STO, not an ICO. So after attending many shows and talking to many strong lawyers, BlockSafe changed, almost 7 months later to become a STO. Therefore, BlockSafe is now strictly an STO, with a strong White Paper, just finishing its last changes and starting to push out its Cyber Security products. These products are very strong and are ready for sale in the marketplace for the Wallets, Exchanges and Blockchains. Today BlockSafe becomes the only company that provides Cyber Security solutions from stopping the hackers from being successful in a large way and growing continuously, which last year was (2017) $1.2Billion stolen.
Ahead of the Competition
BlockSafe’s solutions are protected by six patents and one pending patent. There are no other patented products on the market that perform the way BlockSafe’s does. It provides serene protection to crypto currency users and the emerging private blockchain industry. BlockSafe’s CryptoDefender™ and ExchangeDefender™ products will be sold to Crypto Wallet providers and Crypto Exchanges to protect the 20M digital wallets being utilized today, unlike any other products in the blockchain market. Organization’s BlockChainDefender™ product will protect Private Blockchains with Out-of-Band Authentication, Transaction Verification, Policy Enforcement and a Rules Engine. This is currently a $336M market growing at over 60% annually.
BlockSafe sees itself as a major Cyber Security Blockchain company and within a few years possibly selling itself to a large competitor. BlockSafe foresees selling millions of the products which will give the token holders a nice revenue attribution stream. Its goal is to expand its existence globally.
Source: The 10 Most Disruptive Blockchain Solution Providers, 2018 October2018