“ Banking and finance rely on stability , as well as on regulations ”
Krishan points out that while cryptocurrency , by definition , has no FDIC type of insurance , it is possible that crypto will have greater protection in the future with the introduction of further regulation .
He continues , “ Given that there are many types of blockchain protocols , it is extremely important to understand what the security protocols are for a security breach . While there are initiatives like
cloudsecurityalliance . org , which publishes a detailed list of blockchain weaknesses , it is safe to assume that given the growth of payments on blockchain networks , the vulnerabilities are high . But that is only because of the growing pains these networks are facing in their early days .”
Advantages to blockchain Regardless of the recent breaches , blockchain technology presents a wide range of advantages , which is why it ’ s considered such an important transactional solution . With the rise of popularity in cryptocurrency , there is a much higher demand for ledger-style transactions .
Pavel Matveev , CEO of Wirex , explains , “ A ( decentralised ) blockchain solution certainly has many advantages , such as no single point of failure and no counterparty risk . What does
102 October 2021