Blockchain vs cryptography & Cryptoloc QA.
Cryptography is an ever-growing branch of mathematics that is increasingly playing a critical role in the future of data privacy. Cryptography is largely referred to as encryption in everyday conversation.
A famous example of cryptography was the Enigma Machine used by Nazi Germany during WWII to transmit coded messages that could not be decoded without a special ‘key’.
The keys and mathematical formulas have come a long way since British mathematician Alan Turing designed the Bombe electro-mechanical device to crack German communications encoded by the Enigma Machine. A standard desktop computer would take around six quadrillion years to break just one of today’s encrypted files.
The first example of cryptography being used as a base for more than just encrypting messages and information was the introduction of cryptocurrency Bitcoin and its underlying technology known as blockchain.
What is blockchain?
There are plenty of explanations online about blockchain but here is the Cryptoloc version, which we have tried to make as simple as possible. Blockchain technology actually uses cryptography to create a database of transactions hidden in plain sight.
All transactions are visible on a blockchain as this is how the technology attempts to prevent corruption or interference. Every computer in the network has a copy of the database and the truth is decided on a majority-rules basis. For example, if a change was made to one of the computers, then it would be corrected by the rest of the network.
Blockchain & the 51 per cent attack risk
The majority-rules basis is a flaw that criminals are exploiting in the blockchain technology. Large amounts of resources are needed to justify that new transactions are correct and should be added to the entire network.
The larger a network and blockchain become, the more computing power and resources are needed to ensure it is maintained. However, a blockchain network can be overcome if a cybercriminal adds enough resources to become the majority and the truth can now be ‘overruled’. This is known as a 51 per cent attack.
Overcoming blockchain problems
Blockchain has whetted the appetite of governments and developers worldwide pursuing the ability to secure transactional systems. Blockchain makes possible logistic management as never before. However, its most exploited flaw is the technology relies upon transactions being approved and visible to everybody on the network. In reality only the people involved can verify a transaction is legitimate.
So, are the correct questions being asked to solve blockchain’s flaws? Does the answer instead lie in the next generation of cryptographic platforms?
Our Cryptoloc team of cybersecurity experts, data scientists and developers have asked these questions. We’ve instead created a next generation cryptographic solution that uses cryptography to enable developers to create secure encrypted transactional and software applications in a private environment. Developers can now add functionality, secure their network and verify cryptographically all transactions without adding resources or overhead costs.
Instead of the anonymity that has made blockchain infamous with cybercriminals and ransomware, all users are verified to the same standards as the banking industry and transactions are legally binding. The power of Cryptoloc technology is that it has harnessed cryptography in a way that delivers all its power directly back to users through control, trust and authenticity.
How Cryptoloc’s QA protects against fraud
Cryptoloc’s QA product, which stands for quality assurance, empowers customers to be their own quality auditor by tracking the origins of a product, getting recall alerts and ensuring a genuine brand is purchased.
QA delivers the control of a brand back to its producers. Cryptoloc generates a unique code for every individually packaged product using its cryptographic functions. Where Cryptoloc differs from blockchain is in its flexibility to manage the authenticity and brand security of a product.
Blockchain was the first technology to effectively track the movement and transactions of a product based on cryptographically unique codes. However, Cryptoloc QA adds the ability to monitor and detect any duplication of the codes. Blockchain does little to counteract the creation of imitation products with a copy of their genuine code.
Cryptoloc QA products and codes break down the chance of counterfeit by eliminating the revenue opportunities of imitators. The detection of a duplicated code will appear in real time to consumers, alerting them of potential fraud. The cryptographic process and technology eliminates the ability of imitators to generate any of their own codes. The use of the Cryptoloc QA app ensures that they cannot create an imitation user interface or website.
The focus of the Cryptoloc QA product is to eliminate the sale of imitation products and protect the brand of quality products and produce. We have created a simple solution that does not add costly overheads, resourcing or additionally required skills to the production chain. Cryptoloc QA returns the core values of trust, control and authenticity directly back to producers.