In a landmark statement that will have a long-term positive effect on the crypto security ecosystem, Uppsala Security has announced an agreement with Samsung Electronics to enhance the security of their Blockchain Wallet. Called the “Blockchain Service AML Integration Agreement,” the tie-up will entail Uppsala Security linking their virtual asset AML solutions directly with the Blockchain Service of Samsung.
All the features in-built in the Uppsala Security system will now be available to the Samsung Blockchain Wallet users. These include push notifications that are set off by suspicious transactions and threat detection in real-time.
Uppsala Security has confirmed this development on their twitter handle:
— Uppsala Security (@UPPSentinel) October 6, 2020
What does this critical agreement bring to the table for Samsung Blockchain Wallet users?
- Access to the Sentinel Protocol’s Threat Intelligent Database (TRDB) of Uppsala Security means that before carrying out any virtual asset transactions, users can verify a wallet address’s security status. It will ensure that they are not transacting with any malicious or fraudulent wallets. This is not uncommon as digital wallets are often used in various crimes like scamming or hacking on the dark web.
- The AML solution of Sentinel Protocol issues push notifications to alert Samsung Blockchain Wallet holders whenever any unusual transactions are noticed. This is also not uncommon on the Blockchain when digital assets are transferred and are primarily due to mismanaged credentials and leaked private keys. Most of the time, these occurrences are not easy to detect, and proper, timely action cannot be taken.
- Generally, when wallet users lose their digital assets due to fraud or hacking, it is well nigh impossible to trace the assets and initiate recovering proceedings. But this is possible on the Sentinel Portal platform. In case a Samsung Blockchain Wallet user loses digital assets a request for tracking them can be submitted on the Portal, which will then carry out a thorough investigation and submit a transaction tracking report to the user. The report may be submitted to the law enforcement agencies for necessary action in this regard.
Currently, this service is available only to users in South Korea and Singapore, where Samsung and Uppsala Security respectively have their headquarters.
About Uppsala Security
Uppsala Security has the distinction of building Sentinel Protocol, the first crowd-sourced Threat Intelligence Platform that is driven by Artificial Intelligence and Blockchain technologies. The Protocol uses a range of advanced Risk Management Solutions that meet stringent crypto security needs and compliance standards.