LEE NAIK, MD of Accenture Digital for South Africa believes the next era in banking will be Blockchain, as among other things it allows faster and more secure transactions, comprehensive audit trails and greatly reduced costs.
An internet of finance. The renaissance of money. If the previous decade was the age of mobile banking, the next looks set to be the era of Blockchain. No other technology has more potential to change the very face of how banking takes place.
People get tangled in the technical side of what Blockchain is – skip to 29:00 of this podcast for a fantastic explanation from Stuff editor Craig Wilson – so I want to rather focus on the incredible implications of this technology.
Currently, our model for managing the flow of money is antiquated. Transactions take place across multiple payment engines that all need central brokerage, which takes time, incurs cost and introduces needless complexity. As a decentralised ledger of transactions, Blockchain introduces a standardised framework for transactions rather than the individual payment ‘language’ of each bank.
Just how much of a game-changer is this? Just think of the Tower of Babel. Taking place in a time where everyone spoke the same language, humanity came to an agreement to build what was effectively an Old Testament version of the Burj Khalifa. God, realising what was about to happen, said a few holy words and caused the builders to suddenly speak a multitude of extremely confusing languages so they couldn’t cooperate properly.
The story shows the power of having a single unified language. A real life example would be the use of Sanskrit throughout the ancient world. Blockchain shows the same promise by offering a lingua franca for transactions across different banks and nations.
This is what makes the technology such a game changer. As a vehicle for universal, transparent communication, Blockchain’s potential for innovation is huge. Just like the Babel story, it allows us to reach right up to the heavens.
A world shaped by Blockchain
What does this mean for the business world? At the moment, no-one’s entirely sure, although it’s sure to be disruptive. Blockchain’s decentralisation and community-based assurance means it allows for faster and more secure transactions, comprehensive audit trails and greatly reduced costs, among other things. I’m incredibly excited about the potential applications across all industries.
Banks take note: Blockchain is effectively borderless, potentially enabling instant money transfers from any location. With Africa standing out as one of the largest and fastest-growing remittance markets in the world, Blockchain could potentially free up billions in costly brokerage fees. Numerous start-ups and some large banks are already testing out Bitcoin and other Wallet services in Kenya, Nigeria and South Africa.
Then there is the possibility for smart assets to drastically change models of ownership. Blockchain currencies like Ethereum and Ripple could allow for the risk-free exchange of real-world assets in a single transaction. Imagine being able to enter into an instant smart bond that pays for itself and has a risk-free interest rate.
It’s not just banks that will feel the effects either. A Blockchain-based energy network for example could effectively allow consumers to bypass traditional utilities providers and enjoy ‘peer-to-peer’ electricity. Need some energy? Who needs a service provider when you have a neighbour with solar panels willing to sell.
And that’s just a tiny sampling of potential use cases – there’s the possibility of specialty lending, tamper-proof digital record-keeping, transparent e-voting and much, much more. Here’s what I believe enterprises should be doing in order to sniff these out.
Just do it
Not every application is necessarily suited for distributed ledgers. There’s just one way to find out – by jumping into the sandbox and playing around with the toys available. Dedicate some resources to testing out possible use cases and developing potential proofs-of-concept. Partner with FinTech companies and start-ups who already have some Blockchain knowledge and set up a space for experimentation, free of the pressure of short-term monetisation.
Join the community
The best way of keeping ahead of the Blockchain curve is to become part of the conversation. There’s a thriving cryptocurrency community out there that covers every industry and talking point. Immerse yourself in the discussions and you’ll be up to date on what the evangelists, sceptics and early adopters are really thinking.
Start having the conversation
One of the biggest obstacles to mainstream Blockchain adoption is that of regulation. Similar to Uber, which faces regulatory roadblocks in many of the countries it launches in, Blockchain players will also have an uphill battle to fight. In Africa especially, legislation tends to be somewhat silent on the basics of IT systems. Similarly, there needs to be an understanding among your own staff on what Blockchain is, how to use it effectively and what exactly it can do. Start preparing the narrative now so that the educational foundation is there when the time comes to launch distributed ledger applications into operation.
Go for glory
Blockchain isn’t going to become mainstream overnight, but many companies – from small start-ups to major financial institutions – are already testing use cases in an attempt to be first to market. It’s tempting to either try outrace the competition or sit back and wait until use cases are fairly established to swoop in as a best in class alternative. But why not both? It’s always preferable to be a disruptive force, but this calls for a strategy that is as bold as it is structured. Start with what your customer wants, utilising existing use cases – other organisations’ as well as your own – as tools to build experiences that go above and beyond.
Have you begun to explore the possibilities for Blockchain in your enterprise? How far along is your industry in the adoption of cryptocurrencies?
Lenovo unveils world’s smallest desktop PC
ThinkCentre M90n-1 Nano is powered by 8th generation Intel processors and SSD storage, catering to flexible working
Lenovo has introduced the world’s smallest desktop PC, the ThinkCentre M90n-1 Nano, to the South African Market. It says it is designed to support diverse workplaces with the power of a full-size desktop and the space-saving convenience of a laptop.
“The ThinkCentre M90n-1 Nano is further proof of Lenovo’s commitment to helping small businesses drive efficiency in their operations,” says Thibault Dousson, General Manager at Lenovo South Africa. “In South Africa, SMEs make up a third of the country’s GDP and play an integral part in boosting the economy and creating jobs. Lack of capital, investment, resources or support are among the major challenges faced by our country’s entrepreneurs.
“Lenovo wants to help entrepreneurs grow their businesses through giving them better access to critical tools and services, such as our financial services offering and leasing option. The ThinkCentre M90n-1 Nano is ideal for small business owners as it is reliable and powerful yet compact and easily transportable.”
Delivering powerful performance in an ultra-portable size, the ThinkCentre M90n-1 Nano is the most compact commercial desktop series in the world. Compact models are one-third the size of the ground-breaking ThinkCentre Tiny, at just 0.35L in volume.
With fully functional USB Type-C Gen2 and USB 3.1 Gen2 ports located on the front and back of the device, multiple displays, docks and other hardware options can further boost productivity. The ability to be powered using just one cable to a USB Type-C monitor makes the M90n-1 Nano ideal for a clutter-free workspace, whether it be placed behind a screen or under a desk.
The ThinkCentre M90n-1 Nano is MIL-810G SPEC tested – built to withstand extreme conditions including shocks, drops, dust and humidity. The desktop’s HW TPM 2.0 chip encrypts data to keep sensitive data secure, while its Kensington lock slot enables users to physically secure the device to an immovable object, protecting it from theft.
With its Modern Standby feature, users can receive emails, VoIP calls and instant messages while remaining in standby mode. When ready to commence work, the M90n-1 Nano resumes full functionality in under one second.
These features make the ThinkCentre M90n-1 Nano an easy fit across all office environments, or wherever space is limited, and staff are mobile. The ThinkCentre M90n-1 Nano also reduces energy consumption by as much as 30 percent annually over the ThinkCentre Tiny.
Powered by the 8th generation Intel processors and backed by SSD (solid state drive) storage, the ThinkCentre M90n-1 Nano offers diverse connectivity and multi-user options to keep users connected.
Hackers target hotels
Kaspersky’s research of the RevengeHotels campaign aimed at the hospitality sector, has confirmed over 20 hotels in Latin America, Europe and Asia have fallen victim to targeted malware attacks. Even more hotels are potentially affected across the globe. Travelers’ credit card data, which is stored in a hotel administration system, including those received from online travel agencies (OTAs), is at risk of being stolen and sold to criminals worldwide.
RevengeHotels is a campaign that includes different groups using traditional Remote Access Trojans (RATs) to infect businesses in the hospitality sector. The campaign has been active since 2015 but has gone on to increase its presence in 2019. At least two groups, RevengeHotels and ProCC, were identified to be part of the campaign, however more cybercriminal groups are potentially involved.
The main attack vector in this campaign is emails with crafted malicious Word, Excel or PDF documents attached. Some of them exploit CVE-2017-0199, loading it using VBS and PowerShell scripts and then installing customised versions of various RATs and other custom malware, such as ProCC, on the victim’s machine that could later execute commands and set up remote access to the infected systems.
Each spear-phishing email was crafted with special attention to detail and usually impersonating real people from legitimate organisations making a fake booking request for a large group of people. It is worth noting that even careful users could be tricked to open and download attachments from such emails as they include an abundance of details (for instance, copies of legal documents and reasons for booking at the hotel) and looked convincing. The only detail that would reveal the attacker would be a typosquatting domain of the organisation.
A phishing email sent to a hotel impersonating a booking request from an attorney’s office
Once infected, the computer could be accessed remotely not just by the cybercriminal group itself — evidence collected by Kaspersky researchers shows that remote access to hospitality desks and the data they contain is sold on criminal forums on a subscription basis. Malware collected data from hospitality desk clipboards, printer spoolers and captured screenshots (this function was triggered using specific words in English or Portuguese). Because hotel personnel often copied clients’ credit card data from OTA’s in order to charge them, that data could also be compromised.
Kaspersky telemetry confirmed targets in Argentina, Bolivia, Brazil, Chile, Costa Rica, France, Italy, Mexico, Portugal, Spain, Thailand and Turkey. However, based on data extracted from Bit.ly, a popular link shortening service used by the attackers to spread malicious links, Kaspersky researchers assume that users from many other countries have at least accessed the malicious link – suggesting that the number of countries with potential victims could be higher.
“As users grow wary of how protected their data truly is, cybercriminals turn to small businesses, which are often not very well protected from cyberattacks and possess a concentration of personal data. Hoteliers and other small businesses dealing with customer data need to be more cautious and apply professional security solutions to avoid data leaks that could potentially not only affect customers, but also damage hotel reputations as well,” comments Dmitry Bestuzhev, Head of Global Research and Analysis Team, LatAm.
To stay safe, travelers are recommended to:
- Use a virtual payment card for reservations made via OTAs, as these cards normally expire after a single charge
- When paying for a reservation or checking out at hotel desks, use a virtual wallet, such as Apple Pay or Google Pay, or a secondary credit card with a limited amount of debit available
Hotel owners and management are also advised to follow these steps to secure customer data:
- Conduct risk assessments of the existing network and implement regulations regarding how customers data is handled
- Use a reliable security solution with web protection and application control functionality, such as Kaspersky Endpoint Security for Business. Web protection helps to block access to phishing and malicious websites while application control (in white list mode) allows to make sure that no application except the white listed ones can run on hospitality desk computers.
- Introduce staff security awareness training to teach employees how to spot spear-phishing attempts and show the importance of remaining vigilant when working with incoming emails.
Read the full report, RevengeHotels: cybercrime targeting hotel desks worldwide, on Securelist.