One of the biggest problems with bitcoin transactions is that they are not reversible. If money is sent to the wrong address, the receiver may not be noble enough to give the funds back. An Israel-based startup known as Kirobo is looking to change all that.
Kirobo Is Looking to Change Transaction History
The company has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method – known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.
The sender and the person receiving the funds are provided with a transaction code that the potential receiver must enter if they are to obtain the money. Granted they do not have the code or enter the wrong information the sender gets all their funds back.
One of the big issues faced today in the cryptocurrency arena is that addresses are extremely long and complicated, consisting of several letters, numbers, and symbols. A person must enter the address exactly as it appears when sending money to its owner, and granted one symbol or mark is off, the money either disappears into space or it is sent to the wrong person.
Should someone not originally designated as the receiver find themselves garnering the money, its now in their good graces to return the funds and help the sender out. Sadly, this is purely based on whether the person has a conscience or not. They can easily turn the sender down and keep the funds, and there is nothing that can be done to stop them. The funds cannot be retrieved, and there is no written proof that the money was sent to the wrong address. Thus, if the person has no morality, the sender is out of luck.
This isn’t particularly fair to those looking to send funds. In addition, it leads to several scenarios of crypto theft, and Kirobo wants to ensure that these damaging patterns are no longer around to prevent cryptocurrency from receiving the top reputation it deserves.
Making Things More Legitimate
The company is backed by several leading agencies in Israel, including the Israel Innovation Authority. Furthermore, the venture’s records are consistently audited by firms such as the Scorpiones Group, a cyber-intelligence enterprise. The primary goal is to make cryptocurrency and blockchain transactions as secure and safe as possible. Only through establishing top-of-the-line security measures will the digital asset arena earn the legitimacy and mainstream status it has always sought.
Kirobo has also implemented measures that allow user funds to always remain accessible. Even if the company’s servers go down or are attacked in some way, customers can always obtain their money and move it about as they see fit.