How To Restore Trust in the Crypto Industry?

Restoring Trust in The Crypto Industry

Resilient systems are essential in the crypto industry just as people would expect banks to have the highest level of security measures to protect their assets. This enlightening panel underscores the significance of security, transparency, and education in the endeavor to restore trust.

Panelists include Léa Narzis, Core Engineer at Parity Technologies, Carlos Fragoso, Principal Subject Matter Expert at Maltego Technologies, Thanos Tsavlis, Co-founder & CEO of Cyberscope, Gabi Urrutia, VP of Security at Halborn, Yasir Qayam, Co-Founder & COO of KwikTrust, and Michael Fasanello, Crypto Compliance Officer at AnChain.AI.

Security is Key

Thanos emphasizes the importance of securing technical systems to prevent smart contract exploits. He suggests that the best defense is a combination of securing smart contracts and education. Only by implementing both measures can mainstream adoption be achieved.

Gabi emphasizes the importance of educating clients about security. He argues that people often overlook the importance of security until a security breach occurs. Security is paramount; he thinks this is the first step to establishing trust.

“While we are here discussing the technology and how we can leverage it, it’s down to us to build the reputation, do the right things, and have a longer-term vision.”
– Yasir Qayam, Co-Founder & COO of KwikTrust

Léa, Carlos, and Thanos discussed the importance of building trust in the crypto space.

Education on Security is Essential to Restore Trust

Yasir envisions a free space without governmental intervention, but he acknowledges that we are currently in a transitional phase (Web2.5) and not yet prepared for full self-custody.  As he explains, “When something goes wrong, we still need someone to be mad at!” 

Carlos states that humans are the ones implementing technology, and it’s the people that can be good or bad. It’s thus crucial to continue building secure tools and providing education. Educating both companies and users is vital to increase awareness and empower users to prioritize security in the crypto space.

“Technology is not the problem, humans are. A system based on trust is trustless. Humans are the weakest part of the chain, unfortunately.”
– Gabi Urrutia, VP of Security at Halborn

Panelist Gabi Urrutia explained how they help clients establish secure systems and why security is key to restoring trust.

Can Regulations Help to Build a Safer Space?

On one hand, Michael acknowledges the role that regulations can play in driving mass adoption as customers may feel more comfortable trusting the crypto system.

However, considering the flip side of the coin, he raises concerns about overreactions and hasty bans by legal entities. He advocates for collaborative efforts to educate governments about the advantages of blockchain technology.

“It’s a whole new ballgame for people. We’re literally seeing the law being built in real time. I don’t think I’ve ever been in a part of something that’s so new and exciting, it’s fascinating!”
– Michael Fasanello, Crypto Compliance Officer at AnChain.AI.

Watch the full panel to learn more about how education, regulations, and security can help restore trust in the crypto industry.