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Can Blockchain Prevent Cybercrime?

In the light of a recent heist of the Bangladesh Bank account from the New York Federal Reserve that resulted in cybercriminals making off with $81 million, many in investment banking are questioning whether there is a need to review financial software to improve cybersecurity measures within their institutions.

While the recent heist was foiled to prevent the intended transfer of $1billion dollars from Bangladesh Bank’s account, it still raises some concerns as to how and why the fraudulent activity wasn’t detected earlier and how it could be prevented in the future.

The failure of the system

The whole premise behind the heist involved using the centrally governed SWIFT (Society fo ...

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