Technological advances are the reason behind the increase in the accountability and transparency of public financing to reduce corruption. An example could be the rise of cryptocurrencies that have gained prominence and have seized the world’s attention time and again. What’s more? Cryptocurrencies are going mainstream but can cryptocurrencies prevent account fraud in business?
• The Rise of Cryptocurrencies
Although it was predicted that cryptocurrency might collapse soon, on the contrary, the cryptocurrency’s market has become as vibrant as ever. As technology is gaining prominence, a large number of banks, companies and other financial entities are beginning to express interest in them. Reason being that the technology becomes a powerful asset for potential fraudsters and criminals who are looking forward to covering their financial tracks.
Cryptocurrencies and the underlying blockchain technology have been used for fraud detection in many cases. From preventing fraud in the supply chain to thwarting identity thieves, blockchain has emerged as an answer to all prominent fraudulent activities; though eliminating fraud is not possible for now. However, the potentials of these technologies are turning out to be an attractive investment option for IT specialists.
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• Secure accounting systems
Payroll fraud is affecting the SMEs everywhere; one will soon witness the entrepreneurs adopting this technology. With all the transactions taking place on a public ledger, workplace frauds and breaches will surely become a thing of the past. The transparency offered by the blockchain technology ensures that no individual deletes any official records.
Cryptocurrencies and the blockchain innovation are coming forward to create tamper-proof information ecosystems that are tough to penetrate as compared to the traditional alternatives; blockchain is coming out to be a fraud-fighting tool. Also, cryptocurrencies can contribute to this if they plan to deliver a more transparent and secure financial future.
Cryptocurrencies are still establishing themselves and giving the millennial a reason to adopt them as these digital tokens will soon become one of the vitally important tools for when it comes to fighting future fraudsters.