An Israeli blockchain startup, Kirobo, announced on June 30 that they had found a way around human errors that occur in transactions by introducing a reversal option.
Securing Transfers Against Human Error
To make the process possible, the company has added an extra security layer acting as a third-step verification. Kirobo will provide the sender with a unique transaction code. The receiver, in turn, has to enter the correct matching transaction code to finish the transfer. If the recipient provides the wrong code, the sender is allowed to reverse the transaction.
In their announcement, the company assured users that they do not hold users’ private keys or have access to their funds and transactions’ destination. They added that the password provided is only a tool to finalize transactions.
As per the company’s citations of a survey conducted by Fio Foundation, 55% of people who sent coins to a wrong address had concerns or problems during their digital transactions. Moreover, 18% of the people allegedly lost funds due to the issues. The new feature enables Kirobo to provide users with an efficient platform for crypto transactions while curbing loss. Kirobo’s CEO, Asaf Naim, mentioned that the company’s primary objective is to make blockchain transactions secure and straightforward as it is for online banking.
Government Support For Kirobo
Israeli’s arm of government responsible for initiating industrial research and development, the Israel Innovation Authority, has supported Kirobo all through the project.
Currently, they have created logic layers over Bitcoin and Ethereum blockchains. Their press release indicated further that the company received a cybersecurity check-up by Scorpiones Group.
Available for Bitcoin Transfers on Ledger Wallets
The Retrievable Transfer feature is now available for Bitcoin transfers to all users on Ledger crypto wallets. Over time, the company is expected to incorporate the feature to be supported into other wallets globally. All transactions up to $1000 will be free.
The feature will render Bitcoin easier and cheaper to use as more people are adopting the network. It is also a ray of hope for users giving them more reason to use cryptocurrencies in their undertakings.
Furthermore, the feature will help custodians who wish to reduce workplace risk and strain while enabling exchanges and wallets to increase value and peace of mind for their customers besides their competitive advantage.