Back in August 2014, the CFPB published a Consumer Advisory entitled, "Risks to consumers posed by virtual currencies." In the Advisory, the CFPB informs consumers of the risks associated with blockchain currency, including scams, cost as compared with credit cards, fewer protections when something goes awry, and the potential for hackers.
In the Advisory, the CFPB warns consumers about bitcoin and other blockchain currency. Risks include the threat of hackers and scammers that pose serious security threats. Because bitcoin and other blockchain currencies are virtual, fraud ...
The cryptocurrency Tether has recently announced that it has been the target of a hack causing the loss of approximately $30 million worth of its tokens.
In response to the hack, Tether provided the following statement, "$30,950,010 USDT was removed from the Tether Treasury wallet on November 19, 2017 and sent to an unauthorized bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem." In addition, Tether has identified the ...
Over the course of the past few years, Blockchain technology - a platform that acts as a digital ledger for assets - has rapidly grown in prominence. While it is perhaps most well-known for its connection to Bitcoin, the potential applications for Blockchain's technology go far beyond cryptocurrencies. Blockchain provides a peer-to-peer tool for sharing information about assets and transactions, such as digital goods, money, medical records, company records, intellectual property, contracts, and other types of data. This article seeks to provide a brief overview of Blockchain ...
In a previous post in this series, we provided an overview of blockchain technology and its benefits across industries. As a follow-up, below is an explanation of the technology in each block in a blockchain and how this technology functions to protect the integrity of the data on a blockchain.
Each block in a blockchain contains three key components. First, the block contains the stored data. For example, the blocks used in Bitcoin contain data regarding Bitcoin transactions, including the identification of the payor's electronic wallet, the payee's electronic wallet and the ...
Over the course of the past few years, blockchain technology - a platform that acts as a digital ledger for assets - has rapidly grown in prominence. A fundamental understanding of how this technology works, as well as its benefits, can be helpful in assessing opportunities to leverage the technology in any particular industry. This article provides a brief overview of blockchain technology and its advantages.
Blockchain provides a peer-to-peer tool for sharing information about assets and transactions, such as digital goods, money, medical records, company records ...