Bitcoin More Innovation Is Necessity
Government agencies and law enforcement are required to undergo a lengthy process of filing a complaint and request to the Global Interbank Financial Telecommunication Company (Swift) in order to obtain the necessary financial information from certain bank accounts of companies And individuals.
For some time now, organizations such as Wikileaks and Shadow Brokers have exploited most of the bad practices of the United States National Security Agency. One of the recent NSA tools that was filtered and exploited on the dark web was the NSA surveillance tool in Swift’s global banking system.
However, with a monitoring and hacking tool, the NSA can overcome the aforementioned process simply by accessing the Swift network without disturbing its system and infrastructure. According to representatives of Shadow Brokers, a group of hackers who have leaked many pieces of malware in the past, the NSA hacking tool allows the US government to monitor the financial transactions established within the Swift network with complete transparency.
According to Matt Suiche, founder of cyber security company Comae Technologies, based in the United Arab Emirates, “If you hackas the services office, it means that you will also have access to all your customers, all banks”.
However, some security analysts and firms including EastNets denied Shadow Brokers’ claims, prominent whistleblowers and security experts including Edward Snowden explained that if the NSA hacking tool exploit by security firm Shadow Brokers is True, is a revelation of great scale.
Thus, if the US government actually used the NSA hacking tool to monitor the Swift network without the permission of Swift and its customers is not the main problem. The main problem is that there are hacking tools and are able to unravel established transactions around the world.
According to the studies, Swift announced that his cybersecurity and investigation team could find no evidence to conclusively determine the allegation of surveillance against the US government.
It should be noted that any centralized financial network such as Swift imposes such a vulnerability, since any network, server or database connected to the Internet is vulnerable to hacking, surveillance and data breaches if it is not designed to be immutable or decentralized, Unlike bitcoin and other cryptocurrences.
Each transaction in the bitcoin block chain is identified with cryptographic proof and can be accessed in the bitcoin block chain. More importantly, because the bitcoin bitstream is public, it can not be manipulated by a government agency like the NSA with sophisticated hacking tools, which changes in a 180-degree turn.
Even though there are strict Anti-Money Laundering (AML) and Know Your Customer systems in most of the world’s bitcoin and cryptocurrency exchanges, government agencies and law enforcement agencies must go through the appropriate channels to obtain the data.
The continued vigilance of the US government over the global banking system and the transfer of payments is demonstrating the urgent need for a decentralized financial network such as Bitcoin, a system that is open to all.
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