One of the most important characteristics of Blockchain technology has always been irreversibility in operations. When we make a transaction using a cryptocurrency, it is inscribed on the blockchain, and cannot be undone in any way. What guarantees a high degree of security and transparency. However, now the Israeli startup, Kirobo, claims that it can undo a transaction on the Bitcoin chain.
Blockchain security and liability
For those of us who live in the crypto world, the main advantage of Blockchain over any other method for data storage has always been security. Well, unlike other digital systems that can be easily manipulated, the information contained in blockchains cannot be altered once it is fixed.
This provides greater security and transparency for all crypto users. Preventing virtual currencies from being manipulated in any way by a third actor. Whether you want to undo operations made on the Blockchain, redirect funds, or erase the traces of your transactions with any cryptocurrency.
However, this same transparency and security require a high level of responsibility on the part of the users. Since, if for some reason we send our money to the wrong Bitcoin address. There is no centralized entity that can return our money. Therefore, it would be lost forever. Precisely the problem that Kirobo points to.
A problem that reaches alarming proportions, due to the difficulty of writing the Bitcoin Blockchain addresses without errors. Well, they are made up of complex combinations that protect your safety. Reaching the point where, according to a recent survey, 55% of Bitcoin users have experienced problems copying an address. With up to 18% admitting having lost money for this reason.
Kirobo’s solution to undo Bitcoin transactions
However, this situation could change very soon thanks to the Israeli-based startup Kirobo. Which claims that you can undo a Bitcoin transaction, thanks to a system developed by the company, which includes an additional step in sending and receiving money.
Thus, to receive funds from a user who uses the Kirobo system. You will have to enter a unique code sent by the company to the issuer of the Bitcoins, who will have to provide it to the receiver. The operation can be canceled at any time, until the recipient of the money enters the Kirobo code.
The goal of this update on how Bitcoin works is to provide an additional layer of security to users. For those who make a mistake by entering the address to which they will send money, it would no longer be a catastrophe that costs them hundreds or even thousands of dollars. Well, they will always have at their disposal the possibility of undoing the operation before it becomes effective.
Kirobo has ensured that it will not retain the personal data of those who use its system. Taking sole responsibility for allowing or not allowing the operation to be executed. Also, the use of the company’s solution will be free for a limited time. To later go on to collect a certain amount of money in operations greater than $ 1,000.