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! For more please watch the Risk Roundup Webcast or hear Risk Roundup Podcast 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.