Circle Introduces Solutions to Prevent Fraudulent Activities on Blockchains

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Circle’s technology branch has recently introduced two new initiatives with the objective of tackling theft and fraudulent activities on blockchains, while also promoting the use of stablecoin payments.

These projects were developed in collaboration with the Applied Cryptography Group at Stanford University.

Experts have highlighted that between 2021-2023, approximately $10 billion was stolen due to fraud and hacking of financial systems utilizing Distributed Ledger Technology (DLT).

They attribute this to the irreversible nature of digital assets and the immature security management of smart contracts, resulting in user losses.

Furthermore, experts also note that the lack of reversibility in transactions hinders the widespread adoption of on-chain payment methods like stablecoins by businesses.

The ability to reverse transactions is a critical feature of modern payment systems, allowing for the retrieval of lost funds in unauthorized transactions.