'Trustroot' Protects Users from Fraud on the Blockchain
Michael Hemsworth — August 24, 2018 — Tech
References: trustroot.io & betalist
The rise of cryptocurrencies has helped to decentralize currency and help users maintain more control over their funds but has several potential security issues that can develop, so new solutions like 'Trustroot' are being developed to prevent them from becoming a problem.
The solution works as a browser extension that will automatically scan the page you're viewing and providing users with information pertaining to whether or not the business can be trusted to do business with. This helps to decrease the occurrence of fraud and theft when making cryptocurrency transactions to keep users feeling confident about the purchases or transfers they make.
'Trustroot' works with a simple symbol system to help users quickly identify if they are good to go or need to exercise more caution.
The solution works as a browser extension that will automatically scan the page you're viewing and providing users with information pertaining to whether or not the business can be trusted to do business with. This helps to decrease the occurrence of fraud and theft when making cryptocurrency transactions to keep users feeling confident about the purchases or transfers they make.
'Trustroot' works with a simple symbol system to help users quickly identify if they are good to go or need to exercise more caution.
Trend Themes
1. Decentralized Currency - Disruptive innovation opportunity: Develop secure and user-friendly wallets for cryptocurrencies that provide enhanced protection against fraud and theft.
2. Blockchain Security - Disruptive innovation opportunity: Create advanced encryption technologies and protocols to secure blockchain networks and prevent potential security issues.
3. Trust Verification - Disruptive innovation opportunity: Build automated trust verification systems to assess the reliability and credibility of businesses operating in the cryptocurrency ecosystem.
Industry Implications
1. Cryptocurrency Wallets - Disruptive innovation opportunity: Design wallet solutions that integrate advanced security features to safeguard users' digital assets.
2. Cybersecurity Solutions - Disruptive innovation opportunity: Develop cutting-edge cybersecurity tools and services specifically tailored for blockchain and cryptocurrency transactions.
3. Trust and Verification Services - Disruptive innovation opportunity: Create platforms and technologies that offer real-time trust and verification services for businesses operating within the cryptocurrency industry.
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