The majority of banking systems are accessed through a centralized database, which makes them more susceptible to fraud cyber-attacks as all data is stored locally in one data repository.
Recently the Equifax hack led to the theft of sensitive information like tax identifications and driver’s license details of 145.5 million people. The hack wasn’t due to user behavior, it was caused by a coordinated attack on the company’s centralized databases.
The First Genesis BcPaaS™ technology enables fraud prevention by providing a blockchain ledger of all information, access to which can be determined and managed by the consortium of stakeholders with access to the BcPaaS™. The application of smart contracts automatically validates data into an immutable format, therefore providing the highest level of data security.
The First Genesis BcPaaS™ architecture is capable of producing more than:
60,000 proofs per minute 3,600,000 proofs per hour / 86,400,000 proofs per day
Without requiring the use of GPU farms or large clusters of Virtual Machines
or third-party proofing services!