Akash Singh, PhD, CEO
According to the data from the Bot Traffic Report, internet bots, these days, amount to nearly half of the activity on the Internet. In addition, 90 percent of all security events were caused by bots, while a whopping 66 percent of all bot activity was found to be malevolent, reveals yet another study. While the cost of cybercrime is estimated to exceed $2 trillion by 2019, it is prudent to assess the cybersecurity stance that is increasingly giving way to a battle between opposing forces of bots. Amidst this chaos of cyber threats, there is an opportunity for innovation to take over and mitigate cyber frauds. As such, companies like Kryptoblocks were born. A cybersecurity services company, Kryptoblocks leverages blockchain and AI capabilities to ward off security risks for their clients operating in environments that involve high-security requirements and mutually unknown actors. “Our business is based on the belief that blockchain and cryptocurrencies will have a disruptive effect on the future of technology,” says Akash Singh, CEO, Kryptoblocks.
As an effort to transcend different businesses by managing both public and private currencies, Kryptoblocks’ modus operandi brings CRM and Ledger system together under the huge technological banner of a blockchain system that ensures the privacy of its users. Their blockchain and IoT based cybersecurity platform warrants a secure transaction between any set of parties guaranteeing a decentralized and democratic smart contract system. “Our solution not only identifies problem areas in cybersecurity but also offers to fix it by isolating the affected system; thus putting off the attack and saving millions of dollars for our clients,” says Singh. Kryptoblocks’ customizable blockchain platform allows companies to build their own application, which is compatible with all the blockchain software irrespective of its processes.
Kryptoblocks assists clients primarily in the chemical, education and healthcare industry in setting up a defence mechanism by using machine-learning algorithms, which denies the usage of stolen passwords for the hackers to access accounts and protects customer credential and deposits in its network.
Our business is based on the belief that blockchain and cryptocurrencies will have a disruptive effect on the future of technology
“Our solution, with its machine learning capabilities, can identify in quick instances any criminal intentions like stuffed attacks—cyber fraudsters use these kinds of attacks to test enormous numbers of user accounts and passwords at one go,” highlights Singh.
In addition, Kryptoblocks utilizes AI to access and understand data analysis and offer mobile security as well as secure communications. Following this, correlations with other data segments are conducted to yield fruitful results from the insights. “Our platform is built on the principle of endpoint security by means of deep diving into behavioral analytics. The platform identifies the anomalies in the collected data from sensors deployed on every endpoint by finding patterns between the past and present scenarios,” says Singh.
Kryptoblocks’ robust cybersecurity solution SecureX provides prevention at the stage of pre-exploitation. It also averts malware, ransomware, file-less attacks, signature-less attacks and helps detect fraudulent activities instantaneously. In spite of having a robust banking system in place, Yes Bank—one of their clients—was struggling to make their system foolproof from any kinds of cyber threats and attacks. Their requirement was for a blockchain-based cybersecurity product that would be universal, transparent, and highly rewarding. In an effort to comply with their customers’ growing needs for security, the client deployed SecureX, which increased their customer count during the year 2017 to 2018 by 40 percent, resulting in a staggering 1900 percent ROI. Additionally, it moved the client a step closer to their goal of building the finest quality bank of the world in India by 2020.
Kryptoblocks’ vested interest in unique blockchain solutions is already creating waves in the diverse domains, accelerating innovation and business footprint for its clients.