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BlockSafe Technologies 4/5 (1) - Wallets, Exchanges and Private Blockchains

BlockSafe Technologies is a team of cybersecurity experts and pioneers developing products to secure the entire blockchain ecosystem. Led by CEO George Waller, inventor of Two-Factor Authentication, BlockSafe holds a number of patents on its suite of 3 products. CryptoDefender was released on mobile and desktop this summer and is an antimalware application designed specifically to protect cryptocurrency. 2nd product, currently in beta, is ExchangeDefender - it aims to secure the most vulnerable point for crypto theft, exchanges. The last product, currently in development, is BlockchainDefender - it will secure entire permissioned blockchains that stand to lose the most from malware attacks.

Token sale starts in:

4.0
Hype5.0
Security3.0
Team3.0
Vision5.0
  • Token: BSAFE
  • Price: pre-ICO: 0.25 USD; ICO: 0.5 USD
  • PreICO start: 25 Sep 2018
  • PreICO end: 31 Dec 2018
  • ICO start: 30 Jan 2019
  • Country: United States
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The Blockchain Ecosystem is under attack. Wallets are getting hacked by malware using keyloggers to steal secret keys and clipboard capture to change destination addresses. The estimate for unreported user wallet losses are over $350 million4. If your wallet gets hacked, you can’t get the money back nor can you sue anyone.

There have been numerous heists of cryptocurrency exchanges, many of which were later shut down. In the Mt. Gox hack, nearly 650,000 Bitcoins were stolen5. BitGrail was hacked for $170 million6. Coincheck was hacked for $530 million7. Digital marketplace, NiceHash was hacked for $64 million8. South Korean exchange Youbit was shut down after being hacked9.

Blockchain platforms are also vulnerable. The DAO, an Ethereum project, was hacked. The hackers stole nearly $150 million. $1.1 Billion stolen in first six months of 2018.

Every 4 seconds a new malware specimen is released. We contend that antivirus software cannot keep up with this. Instead, our approach is to:

  • Assume malware exists in a system and stop its actions. i.e ->
  • Stop keylogging, clipboard capture, screen-scraping, clickjacking.
  • Authenticate every transaction.

 

1. CryptoDefender for the desktop

CryptoDefender for the desktop has the following features – Keystroke Encryption prevents malware from spying on what you type. The keystrokes are secured between the kernel and the wallet application using military grade encryption. Now, the password you enter to logon or decrypt your secret key is safe.

Clipboard copy protection prevents malware from monitoring the clipboard to spy on, copy and paste the contents of the clipboard. So the destination address to which a crypto transaction is sent to is not modified.

Anti-screen capture prevents screenscraping malware from taking screenshots of information surreptitiously.

Anti-Clickjacking displays hidden frames or frames originating from a potentially malicious domain. This neutralizes one of the favorite tricks of the hackers to download malware onto your computer.

 

CryptoDefender for mobile devices has the following features – Secure Keyboard prevents the OS and malware from logging your keystrokes. All keystrokes entered in the custom keyboard are encrypted. Now, the password you enter to logon or decrypt your secret key is safe.

Secure Browser is a custom, secure locked-down browser that prevents the storage of cookies and other malware artifacts. The secure browser is recreated for every session. Now, you can safely access your online wallet or exchange.

Password/Data Vault enables the AES-256 encrypted storage of passwords, keys and data. Access to the vault can be secured via fingerprint. The Secure Browser can be launched from within the vault.

Strong Password Generator – this creates strong passwords based on user-defined preferences, and then stores them in the Password Vault for future usage.

2. ExchangeDefender

Crypto exchanges have hot wallets and cold wallets. The wallets store user secret keys as well as the exchange’s secret keys. Most of the keys are stored offline in vaults (cold wallet). A portion of the keys are stored on servers connected to the internet (hot wallet) to facilitate transactions. These servers are susceptible to a data breach just like any other hacker attack.

Exchange Defender comprises two products to protect the internal systems of the crypto exchange. These are – CryptoDefender (described earlier) and ProtectID. CryptoDefender protects the exchange’s computers and mobile devices from keylogging, screen capture and clickjack attacks. ProtectID secures access to the internal systems via two factor out-of-band authentication. The ProtectID system is shown below – Authentication methods include:

  1. Out-of-Band – #, PIN, OTP, Voice
  2. OTP Delivery to Phone via SMS, Voice, Email, and/or Push
  3. Out-of-Band Push – Accept/Deny, PIN, and/or Fingerprint
  4. Hard Tokens – Key Fob, USB Key, and/or Wallet Cards
  5. Mobile Tokens – iOS, Android
  6. Desktop Tokens – PC/Mac/Linux

3. BlockchainDefender

Currently, blockchains can be accessed directly by applications. The following figure depicts this.

Blockchain Defender acts as a gateway between the application and a private blockchain. It examines every message, checks if it is allowed as per enterprise rules & policy, scans the contents of data fields for malware and authenticates transactions via the ProtectID® system. Features include:

  • Authentication of blockchain transactions
  • Content Scanner to stop malware before it enters the blockchain
  • Rules & Policy Engine to define how messages are processed
  • Load Balancer & DDoS Mitigator balances traffic and shields the blockchain

It can also pass the blockchain messages to enterprise systems or other blockchains via appropriate gateways.

BlockchainDefender Use Cases:

Healthcare

  • 56 % plan to implement private blockchains by 2020
  • Shared blockchain ledger expected to cut costs, improve decision making and reduce fraud
  • Compliance & Security requirements will require access to the blockchain to be audited and controlled

Supply Chain

  • Most companies, we believe, will use blockchains in the supply chain by 2027
  • Lower costs, increased transparency, better product tracking, faster shipping and reduced fraud
  • Compliance & Security requirements will require access to the blockchain to be audited and controlled

Finance

  • Large industry consortia formed to facilitate use of blockchains in the financial industry
  • Lower back office costs, faster settlement, greater transparency and easier cross-border payments
  • Compliance & Security requirements will require access to the blockchain to be audited and controlled

Government

  • Federal and state governments worldwide studying uses cases and conducting pilot programs
  • Use cases include moving land records, business registration, health registries, etc. to the blockchain
  • Compliance & Security requirements will require access to the blockchain to be audited and controlled

Team

Advisors

Milestones

  • January 2018
    Seed Round
  • August-September 2018
    Launched CryptoDefender ver 1.0
  • September 2018
    pre-STO
  • January 2019
    STO
  • Q1 2019
    Exchange Defender ver 1.0 Product Development of Blockchain Defender begins
  • Q2 2019
    Marketing efforts for Blockchain Defender begins
  • Q3 2019
    Blockchain Defender ver 1.0

Token

  • Platform: Ethereum
  • Price: pre-ICO: 0.25 USD; ICO: 0.5 USD
  • Accepting: BTC, BCH, ETH, LTC, Ripple, USD
  • Token distribution: 37% - pre-STO 27% - STO 20% - Team, Advisors 15% - Reserve 1% - Seed Round
  • Hard cap: 27,000,000 USD

Proof Points
3/5

Legal entity

Strikeforce Technologies Registered Address: Cheyenne (WY), USA

https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=196153042073131053115018042109059020109018026220

BlockSafe Technologies Registered Address: Cheyenne (WY), USA

https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=233053122143012215012214223036067208152051188121

 

Prehistory of project

Team members are working at Strikeforce Technologies

Product or its MVP

CryptoDefender is ready for sale

Blockchain experience

No practical ICO and other blockchain projects were found except BlockSafe and Strikeforce developments

Escrow

No escrow information were found

Comments

Update: 30.11.2018

Media

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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