The blockchain firm Kirobo, a two-year-old startup based in Israel, announced last week that it has found a solution to problems caused by human error in cryptocurrency transfers.
In a recent poll, conducted by Fio Foundation, around 55% of participants admitted experiencing stressful situations due to human error when conducting transactions of cryptocurrencies. Furthermore, 18% of the people reported they lost funds due to errors of this kind.
The concept of the blockchain firm is surprisingly simple. Until the right certifying code has been submitted by the recipient, the sender can pull back the funds at any time. Kirobo doesn’t know the user’s private key and has absolutely no access to the funds, information about them, or their destination. The code simply establishes whether the transaction is carried out or not.
The new platform has been, according to reports, examined by cyber-intelligence firm Scorpiones Group and also enjoys the support of the Israel Innovation Authority.
The ultimate goal of this invention, according to the Israeli company’s CEO Asaf Naim, is to make blockchain transactions as easy to process, and as secure, as online banking transactions. Retrievable Transfer is the firm`s first product, which is aimed at adding a logic layer into blockchains in order to protect cryptocurrency users from human error.
