How can scam/fraud be eliminated in BLockchain Technology?

[Sotherefore]

It will be very difficult for this to happen because the blockchain technology was created with maximum encryption, meaning that every transaction that is happening in the blockchain technology is completely encripted and private.

 

[greenie]

The only way is by making sure that security is made extremely tight in blochchain
Making sure that any body that want to login aside the owner of the account, a virus is sent to the intruding device

 

[Ogbest]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

Can that really be prevented? I doubt that! One only needs s to be very careful and smart as well. Scammers have come to stay and there is nothing we can do about it. It can only be minimized but cant not be eradicated completely

 

[Blessedsam60]

There will always be fraud and scam in online dealing. Although crytocurrency posseses lesser fraud due to its decentralized systems. But at times their are illegal ones online seeking to hack into ones wallet of request that they should send them crytocurrency into their wallet.

 

[HayKay]

Well one way I feel this can be activated is from the end of the cryptocurrency wallet providers. I think they have the greater role to play here - ensuring their platform is constantly secure and updated would do a lot of good.

 

[Ononivami]

The security loopholes should be blocked and they should always upgrade there security apparatus. This is very important because most of the cybercriminals concentrate on the security gap.

 

[Lens]

The only way out is to keep updating the security apparatus because the hackers are on top of their game and so the blockchain developers should try to bit the hackers to their game.

 

[Achawaskey]

The problem is far more much one can comprehen and if the government wants to reduce it is to strengthen the institution that govern them work on the moral of there members. Also enact a stiff penalty to anyone found wanting.

 

[Ononivami]

The only way out is to keep updating the security apparatus because the hackers are on top of their game and so the blockchain developers should try to bit the hackers to their game.

That's simply the best ways to combat the activities of the hackers. It could also employ the service of the white hat hackers to help discover the wormhole bridge in the blockchain technology.

 

[Lens]

That's simply the best ways to combat the activities of the hackers. It could also employ the service of the white hat hackers to help discover the wormhole bridge in the blockchain technology.

The white hat hackers have done a lot to the cryptocurrency community. They have made the crypto world a very accommodating environment for the companies using cryptocurrencies.

 

[Ononivami]

The white hat hackers have done a lot to the cryptocurrency community. They have made the crypto world a very accommodating environment for the companies using cryptocurrencies.

Most of the major exchanges have been saved millions of dollars for dictecting the loopholes of the major exchanges and that's perhaps one the advantages of the white hat hackers.

 

[Lens]

Most of the major exchanges have been saved millions of dollars for dictecting the loopholes of the major exchanges and that's perhaps one the advantages of the white hat hackers.

I have read news on the exploit of the white hat hackers in the crypto space. This set of hackers are known with developing highly sophisticated softwares.

 

[Ononivami]

I have read news on the exploit of the white hat hackers in the crypto space. This set of hackers are known with developing highly sophisticated softwares.

The highly sophisticated software are often used for detecting wormhole bridge in the exchange or in the blockchain. Thus hackers often combat the black hat hackers and that's just the basic truth.

 

[Setho]

First of all I think the most important thing to do is that , layerone projects should be created in such a way that they will always verify upcoming projects before allowing them to open for funding. They should also introduce two-factor identification and advise people to use it

 

[Lens]

The highly sophisticated software are often used for detecting wormhole bridge in the exchange or in the blockchain. Thus hackers often combat the black hat hackers and that's just the basic truth.

The white hat hackers are always ahead of the black hat hackers. The white hat practised what is called an ethical hacking. This is perhaps a legal hacking.

 

[Ononivami]

The white hat hackers are always ahead of the black hat hackers. The white hat practised what is called an ethical hacking. This is perhaps a legal hacking.

The advantages of having the white hat hackers around is so huge that these hackers are definitely are definitely the best at combating crimes within the cryptocurrency blockchain.

 

[Bookwormlux]

Trying to eliminate scammers is an almost impossible task, and we just have to make sure you're taking caution because they are continuously restrategizing every blessed day.

 

[Sotherefore]

The blockchain technology is completely encrypted making it almost impossible for everything across the block chain network to be detect. I don't think there is a way this can really be stopped.

 

[Sincerem]

I won't say there is a method to effectively eliminate scam or fraud from the crypto currency or blockchain technology. But it is really advisable to investors to make a proper research and enquiry before going ahead to invest in an crypto currency or participate in any blockchain activity.

 

[eenya00]

It is very difficult to totally eliminate fraud in our human existence as this world we live in is imperfect and we can not look for perfection. What should be the goal is finding a way to reduce fraud.