Today, CoinDesk published the news across the crypto space that Paypal has been awarded another crypto-related patent. Unlike one of the last patents, which involved speeding up the transfer of private keys on a crypto network, this one is taking a bit of different direction.
Reportedly, Paypal is aiming to lead the way with regards to technical solutions that block ransomware attacks from being successful. In CoinDesk’s article today that is referenced above, they attempted to break this down on a level that the end user can easily understand.
In short, however, it appears that their solution does not involve blockchain networks at all. If you are wondering why this news matters to the blockchain industry in this case, then you are surely not alone in this respect.
The fact is, however, it does matter due to something that it takes away from the space. Consider what one of the biggest stumbling blocks is between the global populace and whether or not they choose to use cryptocurrencies.
Due to numerous hacks, including ransomware attacks, crypto coins have taken on a context of being the favorite money of criminals in the mainstream media. If Paypal is successful with their method of retaining the integrity of files through dual-caching them, then ransomware creators will likely have to go back to the drawing board.
As The Merkele mentioned today, this has arguably never been more important since ransomware hackers are getting so adept at what they do that “system recovery functions” are being disabled. In other words, rebooting your Windows from scratch will no longer bring back important files that you have cached in a recovery disk.
With Paypal’s solution, by “dual-caching,” it appears that they mean storing a file twice in a computer’s recovery cache and possibly encrypting one of those copies in a way that it is nearly impossible to delete it. Since public information on the patent was just released this week, expect more insights to be published on this subject as this saga unfolds.
Until that point, keep in mind that if ransomware were to be meaningfully halted in its’ tracked, then the overall image of cryptocurrencies might be significantly improved in the public eye.
By: BGN Editorial Staff