The digital era is changing the way we live and technological advancements have brought us to where we are today. We can access practically everything, from necessities like grocery and bills payment to entertainment such as shopping, gambling, and gaming.
Online investments have also shown notable growth. We process monetary transactions without being physically present at a financial establishment. How cool is that? Given these significant developments, it’s time for us to start talking about the promising rise of a non-physical and digital form of money: cryptocurrency.
Cryptocurrency or “crypto” is a form of decentralized digital money that is created, stored, and processed outside of the bank or the government. Unlike other currencies, crypto is not a tangible asset because it does not have any physical representation. As it has no fundamental value, what makes it highly speculative is its trading value. Since it has no physical form (unlike conventional “paper money”), the data is secured and encrypted through cryptography or the science of encoding and decoding data. Crypto makes use of encryption to verify transactions. Thus, the word and the cryptographic form of transactions are processed through blockchain technology, an online ledger, and a transaction log that keeps the data safe and secure. As crypto uses digital files as money, it is critical to secure cyber transactions through this technology.
While this trend has been in global existence for over a decade and allows people to visualize the financial process and digital exchange, this form of digital currency remained obscure until it reached its full potential in the latter part of 2020. The cryptocurrency had a strong momentum towards the end of last year as financial companies, investors, and analysts saw its increasing significance. This is after one of the world’s most well-known cryptocurrencies gained above 200% in just one day after it traded over $20,000 for the first time last year.
This emerging space allows us to explore the other side of cash transactions and payment processes, as well as its efficiency and privacy. However, cryptocurrency’s uncensored nature, unregulated by the government or banking policies, makes it susceptible to fraud. Hackers normally target crypto investors, and once they get their hands into an investor’s crypto, all investments can be stolen in a snap.
This is where blockchain technology and cybersecurity enter the picture—the means to protect the industry from fraud. The safety and security of cryptocurrency will ensure the industry’s unstoppable success. Despite the risks in utilizing and investing in this digital space, the global cryptocurrency market is poised to grow up to $1.4 billion in 2024. Some of the major drivers for market growth are transparency of distributed ledger technology, high remittances in developing countries, growth in venture capital investments, and fluctuations in monetary regulations.
Crypto breaks conventional financial transactions. It enables anyone to send and receive payment through its peer-to-peer system. Its prominence made people invest in startups, and it is being widely used for different transactions. Although it operates independently, exists only virtually, and has an intrinsic tendency to be volatile, this emerging digital money will continue to evolve and shine. The future of the crypto market looks bright in the fields of remittance, e-commerce, retail, peer-to-peer payment, and even in the media and entertainment space[7,8]. Amid the crypto rallies last year, there are reports that regulators will be tight on this sphere, yet investors are so eager to jump in.
At TaskUs, we acknowledge the significance of cybersecurity in today’s hyperconnected world, especially with so many employees now working from their homes. Our Information Security team performs comprehensive fraud risk assessments for every campaign and client workflow in order to recommend customized security controls to combat fraud. We also deploy multiple layers of security controls, including data loss prevention technologies, to mitigate the risks of data exfiltration. Trust and Safety are foundational elements of our client services approach, so we employ extensive background check requirements while requiring continuous security and fraud awareness training. This effort guarantees the most secure foundation necessary in providing the best customer experience.
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