Subscribe to the InfoTech eNewsletter

infoTECH Feature

September 05, 2017

Is It Possible to Decrease Online Fraud with Blockchain Technology?

Information age has made a lot of changes in our lifestyle, environment, and how we do business especially online.

From computers, portable laptops to smartphones, the fast-paced technology contribute to making online business transactions possible. In fact, recent developments show us the possibilities of cashless society.

Traditional peer-to-peer market

The traditional peer-to-peer market is slowly being disputed by a relative newcomer but a force to reckon with UTRUST, the world's first PayPal (News - Alert)-like cryptocurrency payments platform with consumer protection in mind.

Current payment options

In the past, most consumers and businesses use Skrill, Google (News - Alert) Wallet, WePay, Paypal and the like when it comes to online transactions especially those involving buying, selling, and even use as a way of sending money in any parts of the globe.

Take Paypal in the picture and Blockchain -- what will happen if the businesses, investors, and even ordinary people will eventually switch to Blockchain network as the platform to go to for their trades? Several user cases reported by financial institutions show that it’s possible. PayPal is probably one of the most commonly used online payment sites mainly used for online shopping and cross-border payments. While it saves a lot of time for those who do not want to stand and wait in a long queue in banks, increasing number of challenges have risen in the past years as merchants often complain about excessive chargebacks

Blockchain technology in action

Now comes Blockchain technology in the picture - a decentralized ledger which caters to many industries, but particularly useful for financial transactions due to its decentralized nature. One cryptocurrency-based payment platform is UTRUST. It is the world’s first cryptocurrency payment solution that aims to provide fast, efficient, secure, and low-cost cryptocurrency transactions while ensuring trust between consumers and merchants.

The company aims to lessen the possibility of fraud and identity theft which has reportedly cost more than $16 billion for consumers as a result of fraud and identify theft.

While most Bitcoin or cryptocurrencies are virtually irreversible, UTRUST aims to bridge such issues and allow secured payment transactions through its platform.

The entity acts as the middleman and provides the consumers with a guarantee of protection. UTRUST merges the traditional payment system and Blockchain payment principle. It allows the users to buy assets may it be digital or in physical form with its coin called UTK. Its Ethereum-based token provides multiple advantages like zero-fee system or free-of-charge for payments made with UTK allowing transfers to be a low cost and truly secure the payment transaction.

In fact, research by Bank of England shows that making the system more transparent reduces intermediation chains and costs to users of the financial system and by extension, more cost effective for the consumers. 

Get the tools you need to navigate Blockchain terrain and opportunities during The Blockchain Event February 15-16, 2018 in Fort Lauderdale, Florida. 

Edited by Mandi Nowitz

Subscribe to InfoTECH Spotlight eNews

InfoTECH Spotlight eNews delivers the latest news impacting technology in the IT industry each week. Sign up to receive FREE breaking news today!
FREE eNewsletter

infoTECH Whitepapers