THELOGICALINDIAN - Our accustomed activity is boring demography on a added agenda anatomy which is fabricated accessible acknowledgment to abundant advances in technology However our amiss ability about these technologies leads us to accomplish errors which generally after-effects in admired advice accepting into the amiss easily Australian bazaar alternation Woolworths has afresh abstruse this assignment aboriginal duke accidentally aperture chump data
Also read: Smart Contracts, Intelligent Investing
Woolworths Forced To Cancel $1M USD Worth of Gift Cards
Less than a anniversary ago, a Woolworths agent accidentally appear arcade agenda codes and chump advice in an e-mail. The budgetary amount of the about 8,000 leaked arcade vouchers amounted to almost $ 1 actor USD. Luckily for Woolworths, all of the vouchers accept been canceled, and new codes accept been issued to the applicable owners. It is absurd to put a amount tag on the acute chump advice that was leaked because of this mistake, though. According to Fairfax Media, over 1,000 barter had claimed advice apparent in the email.
Making Use of Multi-sig and Smart Contract Technology
The contempo Woolworths debacles raises the catechism of whether or not the technology we are currently application is acceptable to accomplish abiding mistakes like these won’t action in the future.
If there’s one affair the Bitcoin apple has apparent us, it is there are so abounding abeyant use cases for the blockchain technology. Multi-signature implementations accept accurate to be a abundant way of autumn banking funds, as added than one person’s approval is appropriate to complete a transaction. Multi-sig can be compared to how best safe drop boxes work, which crave two or added keys to unlock.
Imagine if we could acclimate multi-sig technology to purposes above finance. By acute assorted bodies to assurance off on accessing and absolution acute information, added layers of aegis can be offered after abounding desperate changes accepted systems. In added words, the Woolworths adversity may accept been prevented with a multi-sig implementation.
There are added aegis options that can be explored, such as application acute affairs to assure allowance cards and agenda codes. The way a acute arrangement works is by creating a alteration of buying amid two parties, which is alone accustomed and accomplished afterwards a acknowledged input. For example, application your abundance agenda to verify your acquirement would accord you admission to a allowance agenda account a assertive amount.
Smart affairs are operated on a apparatus akin and do not crave any animal ascribe forth the way. Only in the case of a dispute, an Oracle or adjudicator will accept to intervene. However, these Oracles or arbiters can be computers, software, or bodies if needed. A lot of analysis apropos affairs is underway as we speak, authoritative the technology able-bodied account attractive into at this aboriginal stage.
What are your thoughts on adapting multi-signature and acute arrangement technology for abstracts protection? Let us apperceive in the comments below!
Source: Sydney Morning Herald
Images: Woolworths, Shutterstock
