Q&A with CryptoPolice adviser Dean Karakitsos

Dean is a visionary innovator in disruptive technology development and business management with more than 20 years of experience bringing an industry-changing approach to designing and launching dynamic new technology products. He is the founder of Bloqchain Science that builds secure decentralized systems using blockchain technology for identity solutions, tokenization-of-things (TOI), security and audits of smart contracts. In telecoms, he has signed more than 100 interconnection agreements with carriers around the globe and managed a streaming voice traffic of over a billion of voice minutes. He made it for 3 years in a row to be listed in INC 500 fastest-growing private companies in the United States. Dean is advising ICOs in multiple verticals and with his team, he is designing safety and smart contracts best practices.

Have you ever suffered from scams in your life?

I am suffering from scams every day. Thankfully so far I have created a mechanism to avoid them. However, scams are part of our life. With a simple google search you will find astonishing numbers. By 2019, cybercrime will cost businesses over $2 trillion. 1 in 131 emails contains a malware, 81 percent of data breach victims who do not have a system in place to self-detect data breaches. According to Microsoft, the potential cost of cyber crime to the global community is a mind-boggling $500 billion, and a data breach will cost the average company about $3.8 million.

In crypto market while blockchain is an un-hackable system, the surrounding ecosystem is not. Vulnerabilities in smart contracts, hacks and security holes in wallets cloned ICO contract addresses can be the Disneyland of hackers that can steal funds in seconds .

What inspired you to team up with CryptoPolice?

The idea of creating an authority powered by the community is to patrol and protect the market which is a necessity. Cryptopolice uses an advance blockchain governance that aims to help in decreasing the scams and frauds. Using a multilevel verification algorithms can adapt how deep the checks will be and fine tune these verification methods which can be applicable to different scam schemes.

What are your thoughts on the future of online security and evolution of scams?

More sophisticated scam schemes will emerge. As we all know criminal organizations are the biggest technology adopters. They use the most advanced technology to attack and is very hard to defend. New technology like quantum computers will create new threats. In the future we are going to see a lot of new different types of exotic scams using this technology.

How visionary is CryptoPolice project in your opinion?

The current state of cryptopolice — let me call it cryptopolice 1.0 — is the creation of an anti-scam methodology that can emerge as a security level in different applications and why not in a blockchain itself.

Why CryptoPolice needs blockchain technology? What are the benefits in your opinion?

We can say that blockchain is a programmable community that can trigger actions based on specific events that have happened. In other words, Cryptopolice is seating on top of the perfect environment to deploy a such solution.