Need for Cryptocurrency Standards

Philip Raymond, Co-chair of CRYPSA, a Cryptocurrency Standards Association based in United States participates in Risk Roundup to discuss “Need for Cryptocurrency Standards”.

 

Overview

Cryptocurrencies are on the rise!

With the advances in blockchain technology, we are on the doorstep of a whole new digital world, where there would likely be no traditional banks, traders, brokers or any other middlemen involved when individuals across nations are dealing with money.

However, the rapid advances in cryptocurrencies are bringing complex, chaotic, and challenging time for each nation: its government, industries, organizations and academia (NGIOA). As cryptocurrencies are getting deeply embedded across the global financial system, its crowded interconnections within and across NGIOA are catching nations off guard.

Each cryptocurrency connection, and its inter-connectedness and inter-dependencies within and across the global financial network brings its own security challenges and risks. So, the question is how do we identify, evaluate and understand these independent and interdependent cryptocurrency risks that will likely impact each one of us, each individual and entity across NGIOA. How do we manage these risks?

In addition, these interconnections and interdependencies raises an important question, on whether our current currency risk management framework, tools, technologies and processes are effective in managing the security risks brought on by cryptocurrencies within and across nations geographical boundaries.

It is important to evaluate whether:

  • We understand the complexity of cryptocurrencies and its interconnections and inter-dependencies
  • We understand cryptocurrencies risks
  • We are vulnerable to cryptocurrencies and its wild fluctuations
  • We are looking at a financial world where there are no commercial or government institutions backing cryptocurrencies
  • We are looking at a world where an individual alone is standing between his money and its security
  • There is a need for cryptocurrency standards

While there is a growing excitement that cryptocurrency marks the beginning of a new era, the future of cryptocurrencies or any other digital currencies remains shaky until its very foundation and security risks are addressed and managed effectively.

Time to address cryptocurrency risk is now!


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About the Guest

Philip Raymond, is CEO & co-chair of CRYPSA (Cryptocurrency Standards Association). He is also principal & co-founder of Vanquish Labs, the Massachusetts, Internet security vendor. Raymond has been the subject of feature stories in The Wall Street Journal, Forbes, National Public Radio, Boston Business Journal, Network World, PC Magazine, PC Week, and Wired News. He is a frequent feature of syndicated radio shows. He is currently involved with the following projects; CRYPSA (Cryptocurrency Standards Association), Blind Signaling and Response (Limits use of personal data collected by cloud services), Writer/Lecturer/Security consultant, especially on Bitcoin and Privacy & Anti-forensics and RDDC (Reverse Distributed Data Cloud): Unlimited secure storage spread across peers. Access in real time as a torrent.
Mr. Raymond founded and managed several ventures before starting Vanquish Labs. He was founder & Chairman of IMCO Electronics (originally Architectural Communications Inc), a LAN manufacturer and a preferred network solution for industrial, HVAC, building & environmental controls. He founded Peripheral Vision (later, International Bureau of Software Test, Inc), the market leader in software testing, with contracts from IBM, AT&T and Xerox. IBST was acquired by Prentice Hall/Gulf & Western. He is a writer for the Sophos security newsletter “Naked Security”. Mr. Raymond is also on the Advisory Board of the Lifeboat Foundation and at Heliotronics, Inc, a manufacturer of grid-connected power inverters. Mr. Raymond holds Masters & Bachelor’s degree in Electrical Engineering from Cornell University.

The Cryptocurrency Standards Association (CRYPSA) publishes standards and promotes practices that facilitate the use of Bitcoin in mainstream commerce. As a working group of the financial services industry, CRYPSA seeks to establish, measure and validate the safety & security of cryptocurrency wallets and transactions. CRYPSA certification and transaction validation is a customer assurance and accountability mechanism in the emerging economy of decentralized, p2p transactions.

About the Host of Risk Roundup
Jayshree Pandya (née Bhatt) is a visionary leader, who is working passionately with imagination, insight and boldness to achieve “Global Peace through Risk Management”. It is her strong belief that collaboration between and across nations: its government, industries, organizations and academia (NGIOA) will be mutually beneficial to all—for not only in the identification and understanding of critical risks facing one nation, but also for managing the interconnected and interdependent risks facing all nations. She calls on nations to build a shared sense of identity and purpose, for how the NGIOA framework is structured will determine the survival and success of nations in the digital global age. She sees the big picture, thinks strategically and works with the power of intentionality and alignment for a higher purpose—for her eyes are not just on the near at hand but on the future of humanity!
At Risk Group, Jayshree is defining the language of risks and currently developing thought leadership, researching needed practices, tools, framework and systems to manage the “strategic and shared risks” facing nations in a “Global Age”. She believes that cyberspace cannot be secured if NGIOA works in silo within and across its geographical boundaries. As cyber-security requires an integrated NGIOA approach with a common language, she has recently launched “cyber-security risk research center” that will merge the boundaries of “geo-security, cyber-security and space-security”.
Previously, she launched and managed “Risk Management Matters”, an online risk journal and one of the first risk publications, publishing “Industry Risk Reports of Biotechnology, Energy, Healthcare, Nanotechnology, and Natural Disasters” over the course of five years. Jayshree’s inaugural book, “The Global Age: NGIOA @ Risk”, was published by Springer in 2012.

About Risk Roundup

“Risk Roundup” is an “integrated strategic security risk dialogue” for nations: its government,  industries, organizations and academia (NGIOA) in cyberspace, geospace and space (CGS).Risk Roundup is released in both audio (Podcast) and video (Webcast) format and is available for subscription at (Risk Group WebsiteiTunesGoogle PlayStitcher RadioAndroid, and Risk Group Professional Social Media).

About Risk Group
Risk Group believes that risk management, security and peace walk together hand in hand. Though security is related to management of threats and peace to the management of conflict, risk management is related to management of security vulnerabilities as well as management of conflict, and it is not possible to conceive any one of the three without the existence of the other two. All three concepts feed into each other. Risk Group believes that the security we build for ourselves is precarious and uncertain until it is secured for everyone across nations. Tradition becomes our security-so if we build a culture of managing risks effectively it will lead us to security and security will lead us to peace!

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