New digital wallet could contain the solution for online payments security
Data security company Krypti claims the microtoken exchange security system used in its new digital wallet for storing bitcoin and other cryptocurrencies offers the most sophisticated protection against hackers on the market.
In May, Krypti – which offers military-grade security based on the systems Visa and Mastercard use to digitally store credit card numbers – will launch what it claims will be the most secure digital wallet available on the market.
Despite years of hype around cryptocurrencies like bitcoin – alongside predictions about the death of cash – take-up of new digital currencies has been disappointing, except among traders attracted by their volatility. Early hopes that they could become an alternative means of payment have so far come to naught, with many suggesting security concerns were keeping the general public away.
The traditional approach has been to store data inside a vault, encrypt what’s inside, then surround it with firewalls to keep bad actors out. But this is no longer fit for purpose, says Steven Russo, executive vice-president and co-founder of Krypti.
“The problem with that today is that hackers have demonstrated that they can get inside these systems and take everything contained within. In addition, today’s encryption schemes no longer offer the necessary protection against quantum or supercomputing.