232

Blockchain Technology

aids offered by such AI and blockchain platforms to address regulatory compliance,

where technology is assisting financial service providers with regulatory require­

ments and compliance management.

At the same time, the “wide usage of internet has shaped concerns of loss of per­

sonal data, information leaks or loss of money by cyberattacks” (Mohamed & Ali,

2021). The pattern now is that cyberattacks are planned and executed in a sophis­

ticated way in order to achieve their criminal goals. In order to preserve value and

safety for usage at scale, all companies must take extensive steps to get protection

from cyberattacks, particularly in the storage and safekeeping of tokens and other

critical information. Cloud security is probably one of the most important avenues to

prevent cybersecurity attacks. Typically, fintech companies use cloud-based services

to scale their products and services with lower running costs.

Maintaining integrity of markets is very significant for increasing tokenization pos­

sibilities, hence detecting criminal cyber actions helps in overcoming the question of

data breaches concerning service companies amongst others separately from emerging

the legal national framework to allow the local law-enforcement activities to collabo­

rate with law-enforcement agencies overseas.

(Mohamed & Ali, 2021)

For any financial scheme or monetary system to be viable or sustainable, it must be

protected by a framework of laws and enforcement mechanisms to protect the rights

of individuals and ensure the stability of the market system. Enforcement of laws

involves the detection of legal violations and the subsequent appropriate penalty to

discourage everyone from violating the guidelines, beyond relying on trust alone.

Unfortunately, defending against hackers is similar to defending against an invis­

ible enemy or a deadly virus. All investors must ensure that not only the ICT depart­

ments or selected people have responsibility; rather, it’s the responsibility of all staff,

corporations, institutions and government. It only takes a single weak link to start

the breach of token attacks or unwanted spread of private information.

13.10  CONCLUSION

By agreeing the classification of assets and ownership and performing activities

on more than half of a particular asset, distributed ledger technology/blockchain

allows greater revenue. By reducing investment barriers, a wide range of people

can purchase/finance in goods. In conventional markets, these technologies can

help traders find partners more easily for making transactions. They also support

complete financing by the initial investment market to a wide range of stakehold­

ers. Without the requirement for an intermediary function, investors are now able

to access investment prospects where their participation has been restricted due to

infrastructure reasons or very high investment constraints. Now, access to the finan­

cial markets and a variety of new types of assets have been permitted irrespective

of the investor’s location, and there are very low cost requirements. Assets that are

subdivided incorporate the concept of shared ownership, whereby more people can

buy property together and use it.