The payment processing industry has been projected to grow at a 7 percent CAGR for the next five years. This indicates an increase in the reliance on online and offline payment processing by consumers and businesses. Almost everyone purchases items using either a credit card or on online stores like Amazon. Unfortunately, this simple process of paying for your items may leave you vulnerable to hackers who are targeting these systems.
Many payment processing firms experience frequent cyber-attacks. PayPal was one of the firms hit by a DDoS attack in 2016 and even retail chains like Chipotle have had their payment processing systems breached as recently as early 2017. Credit card fraud is also quite common in the payment processing industry with numerous hacks exposing users to identity and monetary theft. Home Depot was the subject of a breach where 56 million Visa and MasterCard were hacked. Others like Target Corp also lost customer debit and credit card information.
How can payment processing be secured?
The highlighted cases are only the most recent and high-profile cases. Payment processing firms seem to be struggling with cybersecurity. Unfortunately, this is a war that they cannot win. Any expert in cybersecurity will tell you that security patches are created after the breach has been detected. This means that payment processing firms will always be reacting to new breaches.
What if there was a way to eliminate the risk of hacking and phishing of user information. GoldenHill International Limited has been working on the conundrum, and the firm recently announced Truckcoin. This is a blockchain-based payment processing platform that secures all transactions while protecting user information.
Truckcoin uses an encrypted, decentralized ledger coupled with next-gen cryptographic measures to protect the platform. Unlike conventional blockchain where the public keys are constant, Truckcoin uses ring technology to shuffle the public keys. As a result, even those in the platform cannot monitor a single user by looking at the transaction history of the public key. This guarantees that payment information is completely secured. Additionally, since it is a cryptocurrency, hackers are unable to gain access to funds using any of the existing brute force cyber-attacks that they tend to use.
TRuckcoin is also based on the proof-of-work architecture instead of the proof-of-stake architecture. The former is quite robust, and it is the same architecture that Bitcoin uses. Proof-of-work blockchains may not be as many as proof-of-stake blockchains, but all the ones that exist are relatively successful. This is because they are robust and they tend to appreciate more than the latter.
Join the Truckcoin revolution
Investors are already rushing to join the truckcoin revolution before it goes live. The recent Pre-ICO was so successful that the coins available were sold out in under one day. Experts also believe that the ICO slated for 1st to 31st December will also sell out as fast. There are only 513,333 coins available. You can invest in the ICO by buying a ticket on the website that will cost 20-50 dollars depending on when you purchase it during the ICO period. Each ticket will earn you three truckcoins Considering the enthusiasm in the community and the unique proposition, make sure you are one of the first to join this lucrative ICO.
Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members. NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.
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