The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Blockchain and NFTs – Setting New Standards for Cybersecurity and Identity Management

b-img-blockchain-26

Non-fungible tokens (NFTs) are an evolution over the emerging concept of cryptocurrencies. As finance systems are getting modernized, consisting of innovative trading and loan systems for different types of assets, ranging from lending contracts to real estate and artwork. However, by making digital representations of physical assets like painting, NFTs are the most advanced form right now to re-invention the finance infrastructure. Thus, the idea of representing physical assets in digitized form is not new, however, these concepts are combined with the significance of tamper-resistant blockchain of smart contracts. 

Contrarily, blockchain and NFTs are also playing a crucial role in making the digital ecosystem secure, as fraudsters are becoming more sophisticated and are capable of exploiting cybersecurity systems. Thus, by utilizing the potential of blockchain technology and NFTs, an entirely new level of security can be attained.

Blockchain Technology – Revolutionizing Cybersecurity and Identity Management In Digital Ecosystem

Primarily, blockchain technology is the key driving force behind the success and emergence of cryptocurrencies. This technology is completely transforming the concept of payment gateways along with enhancing cybersecurity concerns.  Blockchain technology utilizes cryptography to make transactional records that are unchangeable and can’t be tampered with. NFTs are also backed by this technology and are uniquely categorized through a cryptographic token that provides an extra layer of security by ensuring that each digital asset and transaction records are well- managed, easily being tracked and verified. In addition to this, NFTs are also designed to digitally represent physical assets, which has brought significant opportunities for businesses as well as individuals.

NFTs are now also being used to virtual depict something scarce, for example, in-game add-on features and other collectibles. Due to the unique identity of NFTs, they are providing more improving identification measures while enhancing cybersecurity. In addition to this, NFTs and blockchain technology are also empowering digital businesses to develop virtual ledgers to store cryptocurrencies and digital assets while maximizing security levels. However, the combination of blockchain and NFTs is considered the most advanced way of securing sensitive information and holds the necessary power to completely transform the use of the internet and cybersecurity.

Despite the fact, blockchain is the backbone of the digitization of payment gateways, it is setting new standards in the cybersecurity domain as well. By providing financial institutions and other businesses a decentralized platform to secure data, they tend to protect the companies through various cyber-attacks and financial losses. It also allows businesses to gather and maintain track of customers’ identities. Blockchain technology is signifying security innovations through the following aspects;

Security through Blocks: Blockchain basically works as a distributed ledger that stores and maintains a continuously growing list of client data records called blocks. Each respective block placed in the database is accompanied by a cryptographic hash of the previous block, a timestamp, and transaction data. The immutability feature of blockchain technology allows it to provide businesses and individuals with a sound sense of security and data protection. Other than this, it also backs businesses to determine and authenticate their identities before getting them on board and ensures data is not compromised.

Private and Public Blockchains: The concept of private and public blockchain is growing concerned nowadays. A private blockchain allows companies to communicate information without a designated central authority. On the other hand, the public blockchain databases are easily accessible to any individual in the digital ecosystem. However, both types of blockchain databases are highly secure and can not be exploited, as they deliver the maximum level of transparency. As a result, blockchain ledgers are becoming an ideal place to store digital data or assets.

Decentralized Technology: Blockchain technology allows both businesses as well as individuals to store cryptocurrency and private information in decentralized databases with a high level of encryption. With the decentralization feature, blockchain assures that hackers can get access to one’s identity. However, hacking attempts are impossible, as cybercriminals need to penetrate 51% of the blockchain system at once.

Smart Contracts: The emerging concept of the smart contract is getting global attention, as they are powered with blockchain technology that automatically handles the customer’s transactions and other dealings. They have attained customer trust by enforcing high-end security standards by being transparent and tamper-proof. Other than this, the financial firms are also using smart contracts to manage customer identities and PII. This also enables businesses to curb identity fraud. 

b-img-nft-26

Influence of NFTs on Cybersecurity and Identity Management

As businesses are going digital, keeping sensitive information secure and tamper-proof is becoming more difficult than ever. However, Non-Fungible Tokens (NFTs) are one of the crucial ways to make cybersecurity and identity management systems secure and unhackable. Many global firms are adopting NFTs to secure their client data. 

The following are a few examples of how NFTs can be used to promote cybersecurity:

Integrated Security Features 

NFTs aren’t directly used but are combined with other security measures to increase the productivity of cyber security systems. This includes, encrypting the messaging services, and generating digital ownership signatures on transactions. Other than this, NFTs also interact with identity verification services through authentication, to assure the customers are onboarding with legit identities. Despite all benefits,  NFTs are also being used to uplift security measures as they are hard to replicate and link to other virtual assets. The cryptographs also improve data protection. Furthermore, NFTs can also provide an extra level of security for businesses and individuals, aiming to secure their transactions or operations.

Smart Encryption and Validation

NFTs come up with a “smart encryption and validation” method that enhances the effectiveness of security systems, making them secure. This system is particularly designed for the businesses that are providing trading services. NFTs smart encryption and validation uplift the identification and security of public as well as private blockchain databases.

Thus, the encryption and validation technology of NFTs is inevitable. It imprints digital signatures to each asset or transaction making it impossible for criminals to replicate it. This is how NFTs are preventing stealing of assets in the digital ecosystem.

How Shufti Can Help

NFTs and blockchain technology are considered as the optimum ways to overcome identity fraud and financial crimes. Proof of ownership and digital signatures ensure that the data remains unbreachable. This concept will allow SaaS providers to enhance online identity verification solutions and cyber security protocols.

Shufti’s state-of-the-art online identity verification services are an ideal solution for every type of business providing digital services. AI-backed ID verification services enable companies to determine the identities of customers before getting them onboard with 98.67% accuracy in less than a second.

Want to know more about the identity verification solution?

Related Posts

Blog

Financial Institutions and Prevailing Crimes – How Shufti’s AML Screening Solution can Help

The year 2021 has been a year of two halves, the first businesses and individuals were dealing wi...

Financial Institutions and Prevailing Crimes – How Shufti’s AML Screening Solution can Help Explore More

Blog

Proof of Income: The Most Common Types of Documents Used to Determine a Client’s Financial Status

Proof of income is a vital requirement in many financial and professional contexts. Recently, the...

Proof of Income: The Most Common Types of Documents Used to Determine a Client’s Financial Status Explore More

Blog

Identity Document Verification | Revolutionising Customer Onboarding

Companies worldwide are undergoing a radical digital transition to keep up with today’s lig...

Identity Document Verification | Revolutionising Customer Onboarding Explore More

Blog

Identity verification in social media – Lighting up the dark side

Social media is a word every one of us can relate to. With every passing day, it is penetrating i...

Identity verification in social media – Lighting up the dark side Explore More

Blog

KYCC – Going an Extra Mile to Prevent Financial Crimes

As cases of money laundering and terror financing are increasing globally, the concerns to overco...

KYCC – Going an Extra Mile to Prevent Financial Crimes Explore More

Blog

Top 13 Cybersecurity Predictions for 2020

Cybersecurity threats are ostensibly ubiquitous in this internetworking infrastructure. Internet-...

Top 13 Cybersecurity Predictions for 2020 Explore More

Blog

How Shufti’s KYC Solution Can Ensure Compliance For Call Centers Fighting Crime

With emerging technologies and rapid digitization, the world is relying on the web and a variety ...

How Shufti’s KYC Solution Can Ensure Compliance For Call Centers Fighting Crime Explore More

Blog

Strong Customer Authentication (SCA) – Factors, Methods, and Benefits

In Europe, new customer authentication requirements for online payments were introduced on Septem...

Strong Customer Authentication (SCA) – Factors, Methods, and Benefits Explore More

Blog

KYC/AML Compliance – Eliminating Financial Crime in Challenger Banks

Challenger banks have emerged in the financial services paradigm by bringing digital innovations ...

KYC/AML Compliance – Eliminating Financial Crime in Challenger Banks Explore More

Blog

How to Create a Wow! Fraud Prevention System with Shufti

The ever increasing threat of identity fraud skyrocketed when the coronavirus pandemic struck the...

How to Create a Wow! Fraud Prevention System with Shufti Explore More

Blog

May 2023 Recap: Major Security Breaches and Penalties

May 2023 witnessed several security breaches wreaking havoc on the digital landscape. High-profil...

May 2023 Recap: Major Security Breaches and Penalties Explore More

Blog

AML Compliance – Putting an End to Money Laundering in Crypto Firms

In the past few years, cryptocurrencies were widely adopted as an investment method by not only i...

AML Compliance – Putting an End to Money Laundering in Crypto Firms Explore More

Blog, Fraud Prevention, Online Marketplace

Why Digital KYC is Important for Insurance Fraud Prevention

KYC For Insurance Companies : Basically, a system that can carry out real-time identity verificat...

Why Digital KYC is Important for Insurance Fraud Prevention Explore More

Blog

The Vital Role of AML Compliance for P2P Lending

Archiac banking traditions saw loan applicants held in suspense, waiting for lengthy periods of t...

The Vital Role of AML Compliance for P2P Lending Explore More

Blog

Europol launches European Financial and Economic Crime Center (EFECC)

Financial and economic crimes are today the leading threats that are affecting millions of EU cit...

Europol launches European Financial and Economic Crime Center (EFECC) Explore More

Blog

Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes

Exotic cars, designer clothes, artifacts, and private jets make attractive news headlines and mov...

Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes Explore More

Blog, Identity & KYC

Enhanced Due Diligence: Ensuring KYC and Regulatory Scrutiny

Enhanced Due Diligence: The adoption of innovative solutions in businesses today, should not have...

Enhanced Due Diligence: Ensuring KYC and Regulatory Scrutiny Explore More

Blog, Online Marketplace

What do NGOs have to gain from Identity Verification Services?

Identity Verification services are quickly becoming the cornerstone of NGO-related activities acr...

What do NGOs have to gain from Identity Verification Services? Explore More

Blog

5 AI-Powered Products to Boost Digital Experiences Post Covid

If there’s one thing financial institutions understood within the first year of global shutdowns ...

5 AI-Powered Products to Boost Digital Experiences Post Covid Explore More

Blog

Video KYC: Taking Traditional KYC to the Next Level

Know Your Customer (KYC) has undergone continuous evolution since its inception. Its purpose is t...

Video KYC: Taking Traditional KYC to the Next Level Explore More

Blog

The Dark Side of Digital Wallets and the Role of Crypto Monitoring

Cybercriminals have recently exhibited a keen interest in crypto theft, in some circumstances goi...

The Dark Side of Digital Wallets and the Role of Crypto Monitoring Explore More

Blog

Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions

Startups, SMEs, and the gig industry have seen unprecedented growth. Not to mention, COVID-19 was...

Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions Explore More

Blog

How Deepfakes Deceptions are Affecting Businesses

The word deep fake comes from the terms “deep learning” and “fake,” and is a type of artificial i...

How Deepfakes Deceptions are Affecting Businesses Explore More

Blog

Identity verification solutions to fight against faces of fraud

In this digital world, billions of smart devices are circulating, connecting and communicating wi...

Identity verification solutions to fight against faces of fraud Explore More

Blog

Cryptocurrency Market and Financial Crimes: How to Handle Transaction Monitoring

The adoption of cryptocurrencies by both individuals and businesses has exploded in the last 12 m...

Cryptocurrency Market and Financial Crimes: How to Handle Transaction Monitoring Explore More

Blog

The Complete Guide | Transaction Monitoring for Financial Institutions

With technological advancement, financial criminals have also been given a wider range of tools a...

The Complete  Guide | Transaction Monitoring for Financial Institutions Explore More

Blog, Financial Crime / AML, Identity & KYC

Why Financial Industry Needs KYC/AML Compliance?

Banks and other financial institutions often serve financial criminals as a conduit for dirty mon...

Why Financial Industry Needs KYC/AML Compliance? Explore More

Biometric Technology, Blog

How eIDAS compliance is easier with Biometric Consent from Shufti pro?

Biometric consent authentication is a brand new verification solution from Shufti, using an i...

How eIDAS compliance is easier with Biometric Consent from Shufti pro? Explore More

Blog

Brazil to Launch CBDC: Its Impact on Financial Firms and How KYC/AML Can Help

Where does the cash come from? The country’s central bank authorises the printing of paper ...

Brazil to Launch CBDC: Its Impact on Financial Firms and How KYC/AML Can Help Explore More

Blog

Top 5 Industries that AI will Transform in 2021

Artificial intelligence is becoming a comprehensive and encyclopedic term to describe any innovat...

Top 5 Industries that AI will Transform in 2021 Explore More

Blog

Biometrics identity verification system – a masterstroke in verification market

The biometrics identity verification system determines the resemblance of an individual by compar...

Biometrics identity verification system – a masterstroke in verification market Explore More

Blog

The Importance of Online Address Verification in E-Commerce

The rise of digitisation has given hackers more means to surpass security systems and conduct hig...

The Importance of Online Address Verification in E-Commerce Explore More

Blog

The Case Against Cryptocurrencies: Where is it Banned & What’s Causing the Crackdown?

Cryptocurrencies have long been viewed as the core of illicit activities by numerous governments ...

The Case Against Cryptocurrencies: Where is it Banned & What’s Causing the Crackdown? Explore More

Blog

How to Combat Document Forgery in 2023 and Beyond

As digitisation continues to change our world and daily practices at an exponential rate, crimina...

How to Combat Document Forgery in 2023 and Beyond Explore More

Blog

UK’s On-Demand Culture – Building Trust & Security with Digital ID Verification

People across the world are spending more time on the internet ever since the pandemic struck the...

UK’s On-Demand Culture – Building Trust & Security with Digital ID Verification Explore More

Blog

AML Compliance – Sharpening Focus on FinCrime in the Payments Industry

Conventional payment services are embracing technological transformation, which is significantly ...

AML Compliance – Sharpening Focus on FinCrime in the Payments Industry Explore More

Anti Money Laundering, Blog, Reg Tech

RegTech facilitates effortless AML Compliance

  The latest report by Research and Markets states that RegTech industry is expected to grow...

RegTech facilitates effortless AML Compliance Explore More

Blog

Know your patient process explained [Under the GPhC’s guideline]

How to make sure that the patient qualifies for purchasing a restricted medicine?  Or  Someone re...

Know your patient process explained [Under the GPhC’s guideline] Explore More

Blog

Safeguarding the Art Market with Shufti’s AML Screening Solution

Non-fungible tokens (NFTs), blockchain-powered title deeds tied to a virtual or physical asset, h...

Safeguarding the Art Market with Shufti’s AML Screening Solution Explore More

Blog

Leveling Up Identity Verification To Meet This Moment

Companies around the world contend with two digital identity challenges that seem mutually exclus...

Leveling Up Identity Verification To Meet This Moment Explore More

Blog

KYC Isn’t Enough: Get Ready for the Future of Verification

Over the past few years, companies have been looking for more sophisticated identity verification...

KYC Isn’t Enough: Get Ready for the Future of Verification Explore More

Blog

ID Verification for High-Potential Digital Fraud Cases

Instances of digital frauds and payment scams are highly damaging for banks and financial institu...

ID Verification for High-Potential Digital Fraud Cases Explore More

Blog

Prevailing Crimes in Ride-Hailing Services – How Shufti can Make the Change

In the ride-hailing arrangements, passengers connect with drivers through cell phones or websites...

Prevailing Crimes in Ride-Hailing Services – How Shufti can Make the Change Explore More

Blog

How the US Aims to Fight Financial Crimes and Global Corruption in 2022

2022 is looking like the year of change in the USA when it comes to combating illicit financial c...

How the US Aims to Fight Financial Crimes and Global Corruption in 2022 Explore More

Blog

Identity Verification – Building Trust and Combating Scams in Online Dating

Since the beginning of civilization, humans have always preferred to live in communities. This co...

Identity Verification – Building Trust and Combating Scams in Online Dating Explore More

Blog

Fintech 2021: KYC/AML Bringing New Innovation to the Table

2020 was all about surviving the pandemic, but it has also kickstarted a new wave of innovation. ...

Fintech 2021: KYC/AML Bringing New Innovation to the Table Explore More

Blog

Basel AML Index 2021 – Evaluating the Risk of Money Laundering Worldwide

 The threat for money laundering and terror financing continue to increase with global a...

Basel AML Index 2021 – Evaluating the Risk of Money Laundering Worldwide Explore More

Blog

Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification

Online gaming has become more popular since COVID-19. The pandemic forced people to stay indoors,...

Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification Explore More

Blog

How Businesses Can Avoid Identity Verification Fraud in 2019?

With a bulk of customers using online services, businesses wish to digitise their operations and ...

How Businesses Can Avoid Identity Verification Fraud in 2019? Explore More

Blog

Top 8 Facial Recognition trends to watch in 2020

Facial recognition has been gaining prominence in recent times, owing to the benefits it offers o...

Top 8 Facial Recognition trends to watch in 2020 Explore More

Blog, Business Technology, Identity & KYC

6 Digital Solutions for Banks to Help with KYC

Digital KYC: For banks, streamlining the customer onboarding is essential. The manual way of ente...

6 Digital Solutions for Banks to Help with KYC Explore More

Blog

China’s AML Framework and Regulatory Highlights of 2022

China has been fighting against money laundering and terrorism financing for a number of years. A...

China’s AML Framework and Regulatory Highlights of 2022 Explore More

Blog

Brazil’s Updated Regulatory AML Guidelines for 2023

Money laundering, corruption, and drug trafficking are prevalent issues in Brazil, the world’s se...

Brazil’s Updated Regulatory AML Guidelines for 2023 Explore More

Blog

Enhancing Trust in eCommerce with AI-powered Identity Verification

eCommerce in today’s world involves utilizing evolving technologies to ensure convenience for cus...

Enhancing Trust in eCommerce with AI-powered Identity Verification Explore More

Blog, Online Marketplace

12 Ways Identity Verification Services Helping Online Businesses

The online marketplace has a culminating presence in the business world. Worldwide e-commerce sal...

12 Ways Identity Verification Services Helping Online Businesses Explore More

Blog

The UK, US & Singapore – A Spotlight on the Crypto Regulations

Non-compliance with anti-money laundering regulations has been an issue for the finance and crypt...

The UK, US & Singapore – A Spotlight on the Crypto Regulations Explore More

Blog

FinCEN Files – Banks abandoning front-line defenses against money laundering

Banks and financial institutions are under the continuous scrutiny of regulatory authorities, yet...

FinCEN Files – Banks abandoning front-line defenses against money laundering Explore More

Blog

Top 10 AML Trends to Watch for in 2022

In 2021, the increasing scope of regulatory sanctions has affected businesses globally. The use o...

Top 10 AML Trends to Watch for in 2022 Explore More

Blog

KYC in 2021 – Shaking Things Up in the Financial World

Despite the considerable investments made by industry leaders, KYC is still a challenge in the fi...

KYC in 2021 – Shaking Things Up in the Financial World Explore More

Blog

Biometric Authentication – How Do Fraudsters Try to Bypass These Checks?

Biometric authentication is one of the ideal ways of dealing with fraudsters. Unfortunately, crim...

Biometric Authentication – How Do Fraudsters Try to Bypass These Checks? Explore More

Blog

Securing Investment Industry with Shufti’s Investor Verification Solution

In this tech-driven world, perpetrators and organized crime groups are adopting sophisticated met...

Securing Investment Industry with Shufti’s Investor Verification Solution Explore More

Blog

A Detailed Insight Into Canadian Gambling Industry [2022 Update]

Even though Canada is not among the world’s gambling capitals, this business thrives there. The c...

A Detailed Insight Into Canadian Gambling Industry [2022 Update] Explore More

Blog

Identity Fraud in Coworking Spaces – How Shufti’s Facial Biometric Authentication Helps

With more and more companies embracing remote work, the trend of coworking spaces is picking pace...

Identity Fraud in Coworking Spaces – How Shufti’s Facial Biometric Authentication Helps Explore More

Blog

Crypto 2021: The Rapidly Emerging Context of Virtual Currencies

Cryptocurrency is in the limelight since the advent of Bitcoin in 2009. Investors like Tesla Inc....

Crypto 2021: The Rapidly Emerging Context of Virtual Currencies Explore More

Blog

KYC Compliance Will Become Your Competitive Edge

Businesses, particularly the financial services sector, have been observing Know Your Customer KY...

KYC Compliance Will Become Your Competitive Edge Explore More

Blog, Online Marketplace

How crucial is AML/CFT Compliance for Hong Kong based Businesses?

Hong Kong serves as financial hub of trade and financial industry especially due to its strategic...

How crucial is AML/CFT Compliance for Hong Kong based Businesses? Explore More

Blog, Online Marketplace

How API-based Technologies Can Transform the Future of Online Marketplace

API Based Technologies: Application Programming Interfaces (APIs) are giving advanced ways of dig...

How API-based Technologies Can Transform the Future of Online Marketplace Explore More

Blog

Identity Verification – Combating Fraud in the Telecommunication Sector

Developing technology, rapid growth in digitization, and increased use of digital transactions ha...

Identity Verification – Combating Fraud in the Telecommunication Sector Explore More

Blog

ICOs blocking investors from USA and China – Why and How?

Initial Coin Offerings, more commonly known as ICOs, are all the rage in modern day financial wor...

ICOs blocking investors from USA and China – Why and How? Explore More

Blog

New Regulatory Initiatives to Revamp the US Crypto Landscape

With digital currencies gaining prominence, the US financial landscape has seen major transformat...

New Regulatory Initiatives to Revamp the US Crypto Landscape Explore More

Blog

Implementing Robust Anti-Money Laundering Checks for the Insurance Sector

Insurance companies play a decisive role in the considerable growth of an economy. It turns accum...

Implementing Robust Anti-Money Laundering Checks for the Insurance Sector Explore More

Blog

Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification

Online gaming has become more popular since COVID-19. The pandemic forced people to stay indoors,...

Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started