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EpositBox Revolutionizes Personally Identifiable Information and Sensitive Data Storage using Immutable Blockchain Technology

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EpositBox, a Secure Data Storage and Protection Services Company is excited to participate in the upcoming Accelerate event with Fast Company, IBM and Intel in San Francisco on November 8, 2023.

EpositBox recently announced the patent pending development of an IBM Hyperledger Blockchain data storage and protection service that provides a secure platform to protect a company’s PII/SD by acting as a third party to separate companies from their PII/SD without interrupting the usability of their own property via a secure performant API protocol. Learn more at www.epositbox.com.

This platform offers a number of distinct advantages:

  • Liability and compliance overhead for PII/SD storage is extracted away from the company.
  • Reduces and eliminates the risk of costly fines of up to 4% of their GNP for non-compliant handling of their PII/SD without a data breach even happening.
  • Reduces or eliminates the risk of serious brand damage occurring from a breach of PII/SD.
  • Security of PII/SD is far superior, protecting a company from outsider and insider threats and errors.
  • PII/SD interaction is seamless, performant and will not hinder the transaction process.
  • Consumers will have more confidence in a third-party curator whose business model is to comply with regulators to protect the consumer’s PII/SD.
  • EpositBox can store and protect any Sensitive Data Type.

Critical Newsworthy facts:

  • Data is locked in an immutable IBM Blockchain ledger record that cannot be hijacked!
  • We receive data that is fully obfuscated and encrypted by using a dedicated key. Then this data is over- encrypted within the IBM Blockchain, increasing the difficulty and compute time of decrypting stolen data out to 100+ years, beyond its relevant value.
  • Stealing data from EpositBox requires the threat actor to collaboratively breach the security defenses of the company, EpositBox and IBM Blockchain, increasing the cost and complexity of harvesting stolen data beyond its black-market value.
  • The EpositBox platform drives up the cost of acquisition to a threat actor, steering them toward lower hanging fruit elsewhere, as it destroys the value of any stolen data in the criminal black market.
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Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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