Identillect Officially Launches “Trusted Blockchain” Technology, Enhancing Audit Capabilities and Data Integrity
IRVINE, Calif., Feb. 05, 2018 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the "Company" or "Identillect") (TSX-V:ID) (OTCQB:IDTLF) (Frankfurt:8ID), a leading provider of email security, today announced the official launch of a new security offering utilizing blockchain technology to maximize audit log integrity of emails and address Man-in-the-Middle (MitM) attacks. Blockchain, is the underlying technology behind bitcoin, a digital tool for doing a variety of functions such as recording, verifying and preventing transaction tampering. Identillect’s blockchain creates integrity checks through every level of communication limiting the possibility of security breaches which are currently plaguing businesses in multiple verticals.
Blockchain Technology is anticipated to have a significant impact on almost every industry requiring security. Blockchain is inherent to the future of cybersecurity, emphasizing a different approach storing, transacting, and establishing trust. One such area where Identillect is using this technology is to assist in preventing wire fraud. According to the FBI in the United States there were $19M in losses for 2016, and by 2017 that figure increased to an astounding $963M in wire fraud attempts. The direct use of blockchain technology only allows a wire transaction to be viewed if the integrity of the information is verified at the sender and is confirmed through the blockchain at the receiver. This is preventing a malicious actor from successfully committing wire fraud as the wire of a malicious actor would not be delivered.
Identillect continues development and implementation of technology advancements in digital communication; the use of blockchain technology is another example of remaining on the cutting-edge of technology. Identillect is seeing increased requirements for advanced audit capabilities in real estate, legal, and financial industries. Blockchain provides a verifiable register which allows certification for eDiscovery (regulations the legal community must adhere to) as well as advanced regulations requiring integrity proof of financial transactions.
Identillect CEO Todd Sexton states, “We are excited to be on the forefront of utilizing the strongest emerging technologies to achieve advancements in the security space. Blockchain technology will elevate the security protocols for our clients in the legal and the real estate industries, creating integrity in email communication not previously available to the security market.”
Email communication still remains one of the top communication paths for businesses, while it still has inherent vulnerabilities which have created advanced regulatory change to elevate demands for organizations of all industries. This has been most recently seen with the growth of General Data Protection Regulation (GDPR). GDPR inverts the traditional corporate view of personal data; it codifies the concept that the data belongs to the individual and that companies are only custodians of the information. The GDPR is just one of many regulations expected to affect organizations around the world. Blockchain technology is a valuable tool to assist in these compliance changes and Identillect is well positioned to be a leader with its Trusted Blockchain.