Business Introduces Blockchain-Based Communication System to Prevent Business-to-Business Fraud
The African continent is a high-risk region for cyberattacks, with one in every fifteen organizations in Africa facing a ransomware attempt weekly during the first quarter of 2023, according to a Check Point report. In response to this growing threat, a South Africa-based communication platform, VERA, is launching a secure messaging platform using blockchain technology to combat these issues.
The new platform aims to validate user identities, providing businesses with a secure means of communication. Each verified user on the platform will receive a digital identity immutably recorded on the blockchain. This digital identity system provides instantaneous verification of participants in any communication exchange, ensuring tamper-proof identities.
The verification system is managed by cheqd, a credential service known for its privacy-preserving digital ID solutions. The combination of scalable verification, privacy-focused design, and tamper-resistant credentials may be a significant innovation in the field of secure business messaging.
The platform's design balances privacy with the need for authentication. It aims to reduce the occurrence of scams like fake invoices, a common fraud technique. Executives from cheqd have emphasized the severity of scams like invoice manipulation, which affects their organization and others globally. The verified identities provided by VERA can significantly limit exposure to fraudulent billing and communication schemes.
The growing demand for security-focused digital tools in business communications is highlighted by the VERA initiative. The platform is currently in its beta testing phase, targeting South African businesses. VERA has outlined plans for international expansion, with the European Union, the United States, and the United Kingdom marked as key markets for future growth. The broader adoption of decentralized identity systems within professional ecosystems is an important step that VERA's initiative represents.
The B2B communication sector is increasingly vulnerable to impersonation and cyberattacks, with approximately 3.4 billion fraudulent emails sent daily. The new messaging platform is initially targeting businesses in South Africa, but with its focus on security and scalability, it could potentially revolutionize secure business communication on a global scale. By the end of August, VERA plans to launch its full platform, setting a new benchmark for secure business messaging.
The VERA platform, by integrating blockchain-based digital identities, represents an important step towards more secure and trustworthy business communications. As cyberattacks continue to pose a significant threat to organizations worldwide, initiatives like VERA are crucial in ensuring the safety and integrity of business communications.
