Uppsala Security Wins Blockchain Innovation Award

Reading Time: 2 minutes

Uppsala Security has won the 2020 Asia-Pacific Blockchain & Cryptocurrency Security Technology Innovation Award, thanks to its efforts in protecting blockchain companies and individuals from attacks and crypto scams. The company also helps identify potentially fraudulent activity on the blockchain, hopefully increasing trust in blockchain technology in a wider sense as the products gain more traction.

Blockchain Security for Individuals and Companies

Uppsala won the award due to its raft of crypto and blockchain products, which help protect everyone from casual web browsers to enterprise level organizations from crypto-based threats. These range from the free UPPward Browser Extension for Chrome, Brave, Firefox and Edge which protects against crypto scams and fraud using crowdsourced information, to Crypto Analysis Risk Assessment (CARA), an intuitive machine-learning solution that uses learned behaviors of both known malicious wallets and normal wallets to classify the risk level of crypto addresses.

Exchanges and crypto-handling entities can use such products in line with the Interactive Cooperation Framework API (ICF API) service, which enables subscribers to query the blockchain-powered Threat Intelligence Database in real time to help tackle money laundering, fraud, and terrorist financing while also aiding regulatory compliance. This large scale, cooperative approach is the only way that crypto threats are going to be kept at bay in any sense as the space, and the valuations associated with it, increase.

“Urgent Need” for High Quality Solutions

In accepting the award, Uppsala Security founder and CEO Patrick Kim stated the reasons for the company’s creation in January 2018 and its immediate success:

…we observed an urgent need for high-quality innovative cybersecurity solutions and we focused all our previous experience, industry know-how and adaptability on building pioneering security products […] we are committed to continue our efforts towards delivering technology that makes people feel safe.

Security is frequently cited as being one of cryptocurrency and blockchain’s key hurdles if it wants to achieve worldwide adoption. Exchange hacks, wallet breaches, and attacks on blockchains themselves are still too common 11 years after Bitcoin first came on the scene, and are certainly a factor prohibiting cryptocurrency’s broader acceptance.

Hopefully companies like Uppsala can help to reduce the amount of illegal activity that goes on in the space on a commercial and personal level and increase the trust that individuals and governments have in the space.