Cryptocurrency is legit: How banking, firms and individuals all stand to gain – Governance Now

Lifting ban will impact entire ecosystem: India well placed to emerge as a leader in blockchain and cryptocurrency

Cryptocurrency is a digital currency that runs on blockchain technology. This essentially means that no person or entity can control it. Both nationals and internationals can transact with the currency. India is one of the largest growing economies in the world today. The recent developments, about the Supreme Court lifting the ban on use of cryptocurrency in the country, can have a tremendous impact on the overall economy, in the long run. Not only will the new technology boost job creation, but it will also put India on the global map of yet another up and coming industry.

The ecosystem of cryptocurrency users has grown from thousands to over 30 million people now growth that substantially outpaces the early internets growth rate (approximately twice the rate). This growth includes the use of cryptocurrencies as a lower cost and more efficient alternative for certain financial transactions, the digital gold thesis for bitcoin as the ultimate hard asset, and the emergence of the decentralised finance movement (DeFi) that aims to expand financial inclusion and restore user-control over personal finance.

ALSO READ FROM OUR ARCHIVES:Why India can't ignore virtual currency Bitcoins for long

Can we step back and look at Bitcoins again?

Blockchain and tackle

Abroad, cryptocurrencies have been gaining significant recognition and acceptance. Economic behemoths such as the United States and China have been tussling for blockchain and crypto hegemony, exploiting innovational opportunities within the sector by registering an increasing number of patents. Emerging markets in Asia, such as Thailand and the Philippines, have initiated the process of developing regulatory compliances and guidelines to support the growth of their local cryptocurrency markets. They are approving licences for several crypto exchanges and developing frameworks to boost investor protection.

With Indias pool of skilled and trained IT entrepreneurs and developers, the country is well placed to emerge as a leader in the blockchain and cryptocurrency sectors. Globally, over $5.5 billion has been invested into blockchain startups, with Indian companies receiving less than 0.2% of these capital investments. Singapore, on the other hand, has received more than $744 million as a result of capital inflows into the fintech economy.

Cryptocurrencies can not only provide immense benefits for corporations and institutions, but ordinary people stand to gain equally as well. With access to investments in cryptocurrency, the purchasing power of consumers has a potential to surge. Such a boost to the spending power of ordinary citizens in India could have a domino effect across the economy. This would stimulate wealth creation and encourage further consumption demand in the economy. As it stands, retail investors within India have little access to high-performing international markets. With the legitimization of cryptocurrencies as an asset class, 1.3 billion Indians will gain access to a new asset class with the potential to appreciate over time, as well as the ability to hedge against volatility in traditional markets. Cryptocurrencies can enable unbanked individuals to have access to money management services such as savings and lending for the first time, further improving financial inclusion in India.

Cryptocurrencies and blockchain have the potential to complement and enhance the banking sectors operational efficiency, offering benefits such as improved financial inclusion, the creation of more jobs, the attraction of greater investment into the economy, as well as generalised economic growth. The traditional financial sector would also gain from cryptocurrency innovations with added security, convenience, and transparency in payments systems, which would in turn provide better traceability and accountability than legacy infrastructures.

For Indias crypto sector to thrive, the creation of clear guidelines surrounding the process of applying for and meeting compliance requirements to obtain licences for entities and services such as crypto exchanges, financial services, payments processing, and banking can help provide much-needed clarity and consistency for compliance that can protect investors and improve Know Your Customer (KYC) processes that are in accordance to the Securities and Exchange Board of Indias (SEBI) requirements. As such, having a consistent framework across regulatory requirements will go a long way in charting the growth of Indias crypto sector.

India needs to develop a regulatory framework that governs registration of exchanges, establishment of security procedures, independent audits, mandatory disclosures to customers, maintenance of records and submission of accounts annually to their financial services agency.

Auditing and alteration are not possible, and the transactions remain anonymous. Tax evasion will be impossible as cyber-policing will become stronger. A limit or cap will be placed on the amount of transaction. Transactions need to be thoroughly governed. The RBI cannot intervene in this matter. Cryptocurrency will come under purview of the finance ministry.

Sethurathnam Ravi is founder and managing partner at Ravi Rajan & Co. LLP and former chairman of Bombay Stock Exchange.

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Cryptocurrency is legit: How banking, firms and individuals all stand to gain - Governance Now

Cryptocurrency exchange CoinDCX invests $1.3M in education initiative ‘TryCrypto’ – YourStory

Mumbai-based CoinDCX, a cryptocurrency trading platform and liquidity aggregator, has invested $1.3 million in TryCrypto, its own initiative, which is working to make blockchain and cryptocurrency more accessible to mainstream users.

The funds will be used towards educational initiatives, seminars, online courses, roadshows and awareness campaigning, meetups, community events, community engagement, and to product trials.

Founders Neeraj & Sumit

As part of the initiative, CoinDCX will roll out DCXlearn, a full-fledged crypto learning program, on TryCrypto.

Sumit Gupta, CEO and Co-founder, CoinDCX, says,

According to CoinDCX, its education-led approach is geared towards giving first-time crypto users a sufficient knowledge base to help them navigate the cryptocurrency market safely and securely.

DCXlearn will consist of an online learning program along with massive open online courses (MOOCs). The cryptocurrency exchange is already in conversation with a number of top Indian universities to promote crypto education and the TryCrypto initiative within campuses.

In addition to DCXlearn, CoinDCX will also organise meetup events, educational seminars, and consumer campaigns to encourage large-scale cryptocurrency adoption and awareness targeting Indias 50 largest cities in the first iteration of the TryCrypto campaign.

To ensure the success of the TryCrypto initiative, CoinDCX said it will be working with industry partners, including Inblox Network, Amesten Assets, and Cashaa, to promote greater awareness and understanding of digital assets among mainstream audience. It added that leading Indian online media outlets and cryptocurrency news providers such as Cryptokanoon and CoinCrunch have also dedicated themselves to support the TryCrypto initiative.

CoinDCXs investment in TryCrypto follows the landmark ruling by the Supreme Court of India on March 6, which struck down the Reserve Bank of Indias (RBI) ban on financial institutions providing banking services to cryptocurrency businesses, as well as the announcement that CoinDCX became the first cryptocurrency platform in India to integrate bank account transfers just six hours after the Supreme Court decision was made public.

With one of the youngest populations in the world, India requires solutions which are modern and novel for millennials who are looking for better instruments to manage their finances. Crypto is fast becoming a preferred choice for these young, technologically savvy consumers. However, an initiative like CoinDCX's TryCrypto campaign has the potential to bring the benefits of cryptocurrencies to a larger audience than ever before, said Kashif Raza, Co-founder of CryptoKanoon.

(Edited by Megha Reddy)

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Cryptocurrency exchange CoinDCX invests $1.3M in education initiative 'TryCrypto' - YourStory

Cyber Thieves Using Coronavirus Fears to Steal Bitcoin (BTC) and Cryptocurrency – The Daily Hodl

According to DomainTools senior security engineer Tarik Saleh, the number of coronavirus-themed domain registrations increased following reports of the first cases of COVID-19, and many of these are allegedly scams.

One particular platform, coronavirusapp[.]site, is prompting users to install an Android application for real-time updates on the pandemic. Instead, the app comes bundled with a ransomware aptly called CovidLock.

CovidLock asks for permission to access the lock screen. It then employs a technique known as screen-lock attack, which holds the phone hostage by blocking user access.

The ransomware threatens to erase contacts, pictures and videos on the infected device, as well as leak the victims social media account information and wipe all phone data unless a ransom of $100 is paid in Bitcoin within 48 hours.

Saleh says phones running on the latest Android versions should be fine if the user set a password to unlock the screen.

Since Android Nougat has rolled out, there is protection in place against this type of attack. However, it only works if you have set a password. If you havent set a password on your phone to unlock the screen, youre still vulnerable to the CovidLock ransomware.

DomainTools researchers say theyve already reverse-engineered the decryption key and plan to share it publicly. They are also monitoring the transactions in the Bitcoin wallet used by the ransomware.

Featured Image: Shutterstock/Immersion Imagery

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Cyber Thieves Using Coronavirus Fears to Steal Bitcoin (BTC) and Cryptocurrency - The Daily Hodl

Cryptocurrency Exchange Binance to List Tezos (XTZ) on Binance.US, to Support Trades with Binance USD, and US Dollars – Crowdfund Insider

Binance, the worlds largest cryptocurrency exchange by adjusted trading volume, has announced that Binance.US, the trading platforms US-based division, will begin listing Tezos (XTZ) on March 16, 2020 at 9:00 AM EST.

As mentioned on the exchange operators official website, Binance.US will support trading for the XTZ/USD and XTZ/Binance USD (BUSD) trading pairs.

Binance.US may deposit US dollars, BUSD (the exchanges stablecoin), or XTZ tokens to their exchange wallets before trading for the supported pairs goes live on Monday.

The XTZ token is trading at $1.47 at the time of writing.

Founded in 2014 by Arthur and Kathleen Breitman, the Tezos project raised $232 million through an initial coin offering (ICO) back in July 2017. At the time, it was the largest ICO ever conducted, but was later overtaken by Filecoin.

Last month, Tezos XTZ crypto token hit a yearly high of about $3.90, having outperformed most other altcoins.

Binance continues to expand its operations across the globe.

Changpeng Zhao, CEO at Binance, revealed recently that the exchange will introduce a fiat gateway for South African cryptocurrency traders, which will allow them to make deposits in Rands.

The announcement was made during the Blockchain Africa Conference, which is being held in Johannesburg.

Zhao said that South African crypto traders will soon have the option to make Rand deposits on the platform via Binances official website.

Zhao noted:

Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-saharan Africans are listed as unbanked. So instead of trying to bank the unbanked, lets try and Bitcoin the un-Bitcoined.

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Cryptocurrency Exchange Binance to List Tezos (XTZ) on Binance.US, to Support Trades with Binance USD, and US Dollars - Crowdfund Insider

UK FCA Warns the Public Not to Invest in Coronavirus-Related Cryptocurrency – Coin Idol

Mar 16, 2020 at 16:33 // News

The UK Financial Conduct Authority (FCA) recently issued well-filtered recommendations to the public especially the investors not to participate in cryptocurrency investments related to Covid19 through an official website.

Watch out for scams related to Covid19, the FCA notes.

It further said that susceptible participants stand more chances of being beleaguered.

Beware of investments that appear to be too good to be true, it adds. If you decide to invest in something offering a high return or in a cryptocurrency, you should be prepared to lose all your money.

As the Corona19 epidemic continues to spread around the world, many criminals commit fraud against the underprivileged by borrowing names such as insurance, pensions and high-yielding investments, and the cryptocurrency should be careful on such projects in order not to fall victims and lose their hard-worked-for money or stashes.

Since February 2020, the National Fraud Intelligence Bureau (NFIB) has tracked around 21 scams involving Covid19, some of which have been recorded as Bitcoin (BTC) extortions. Of these, losses from non-encryption fraud totaled to approximately 800,000 pounds ($983,700 United States Dollars).

Accordingly, the FCA advises digital currency venture capitalists to pay much attention to the investment info presented in social media ads and emails, and not to excessively disclose personal data. In addition, the British financial newspaper 'FINTECH FUTURES' said that other financial watchdogs including the U.S. Securities and Exchange Commission (U.S.SEC), an agency responsible for monitoring monetary assets including Bitcoin and other cryptocurrencies, has issued similar investment warnings before in early last month.

When investing in any firm, including firms that claim to focus on Covida19-related products and services, it wrote at the time, carefully research the investment and keep in mind that investment scammers often exploit the latest crisis to line their own pockets.

Actually, we talk about people making massive losses through investing in fake cryptocurrency projects, we mean it. We have seen investors lose billions and billions of in onecoin project, fake ICO activities, pyramid, ponzi, as well as pump-and-pump projects.

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UK FCA Warns the Public Not to Invest in Coronavirus-Related Cryptocurrency - Coin Idol

Unfixable Intel Chip Vulnerability Could Undermine Encryption on Five Years Worth of Computers, But Is a Difficult Attack to Pull Off – CPO Magazine

A new Intel chip vulnerability described as unfixable could compromise the authentication process of most of the motherboards made in the last five years, giving an attacker full access to the system including encryption keys. The attack is currently theoretical in nature, however, and would require multiple complex steps to pull off including physical access to the device.

The new Intel chip vulnerability impacts CPUs that use the Intel Converged Security and Management Engine (CSME). Specifically, the flaw is found in chips that use CSME version 11. This CSME version was first used in the sixth generation of chips, which were first released in 2015. It is still in use and is not expected to be replaced until the 10th generation of Intel chips (Comet Lake) sees a retail launch sometime this year.

The flaw is found in the 6th to 9th generations of Intel CPUs, as well as the Server Platform Services and Trusted Execution Engine firmware. CSME firmware versions prior to 11.8.65, 11.11.65, 11.22.65 and 12.0.35 are vulnerable.

Intel has a firmware patch available for its own motherboards, but cannot patch the firmware of other motherboard manufacturers. That would be the vast majority of them, as Intel exited the motherboard business in 2013. It would appear that Intels firmware patch cannot actually fix the vulnerability, however; it simply attempts to block off potential exploit paths.

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A devices firmware version can be checked by accessing the BIOS during bootup. This vulnerability appears to be specific to Intel chips; AMD hardware is not affected. It is unclear if Apples T2 security chip is able to mitigate some or all of the Intel chip vulnerability.

Intels CSME is the first step in the initial authentication of any system that uses one of its chips, verifying and booting all other firmware. Its also necessary for certain other software-based security measures to function, such as Microsoft System Guard.

This means that an attacker essentially has access at as root of a level as one can get. Among other things, that means access to system encryption keys. If handled correctly, the breach would also be impossible for a system administrator to detect. An attacker could not just decrypt and exfiltrate information, but also have other computers pose as the compromised device by spoofing hardware IDs. It would also be possible to create malware and spyware that runs at the hardware level, rendering it invisible to antivirus software.

However, this Intel chip vulnerability is not one that can be exploited remotely or with any sort of ease. An attacker would need at least local access to the target computer, and even then World Privacy Forum founder Pam Dixon described the process as requiring extraordinary time and skill. What information is available indicates that a local attacker would either need to physically access the motherboard with some sort of special tools, or would need to compromise other elements of the firmware first to launch a direct memory access attack against CSME. Intel has indicated that their firmware patch will block at least some local attacks; however, security researchers believe that it will not stop someone who has physical access to the motherboard.

At the moment, the public does not have access to much in the way of detailed information about the operation of the security flaw. Positive Technologies, the security firm that uncovered the vulnerability, has promised to release a white paper in the near future that provides technical details.

Intel has struggled through a chain of processor vulnerabilities in recent years. The trouble started in 2018 with the discovery of Meltdown and Spectre, two chip vulnerabilities tied to timing measurements meant to improve processor performance. Intel was able to correct these with software patches, but the incident was serious enough to force the company to revamp its design process to address these issues. Like the new Intel chip vulnerability, these exploits could give attackers far-reaching access to compromised systems and in the case of Meltdown would be virtually undetectable.

The timing of all of this has been unfortunate for the company from a market perspective, as chief rival AMD has made great strides during this same period and now features performance and stability that rivals Intel products at a lower price point.

New #Intel chip vulnerability allow #hackers to run #malware and spyware at hardware level which will not be detected by antivirus software. #respectdata Click to Tweet

The current Intel chip vulnerability is manageable only if system manufacturers opt to create firmware updates for it, but at best it appears this will only curtail local access. Organizations will need to prevent physical access to computers to truly be certain that the exploit cannot be leveraged. Given this, it appears the only 100% safe fix is to replace a vulnerable CPU. That either means a switch to AMD, or a wait of possibly some months for the 10th generation of Intel processors to become more widely available.

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Unfixable Intel Chip Vulnerability Could Undermine Encryption on Five Years Worth of Computers, But Is a Difficult Attack to Pull Off - CPO Magazine

Bipartisan Senate Judiciary Committee introduces bill that censors online content and attacks encryption – World Socialist Web Site

Bipartisan Senate Judiciary Committee introduces bill that censors online content and attacks encryption By Kevin Reed 17 March 2020

Leading members of the Senate Judiciary Committee formally introduced a bipartisan bill on March 5 that escalates US government censorship of online content and directly attacks encryption of electronic communications under the cover of fighting online child sexual abuse material (CSAM).

Senate Judiciary Committee Chairman Lindsey Graham (Republican of South Carolina), US Senators Richard Blumenthal (Democrat of Connecticut), Josh Hawley (Republican of Missouri) and Ranking Member Dianne Feinstein (Democrat of California) jointly introduced the Eliminating Abusive and Rampant Neglect of Interactive Technologies Act (EARN IT Act) that purports to encourage the tech industry to take online child sexual exploitation seriously.

The concept behind the law is that tech companies have to earn their protected immunity from prosecution for any illegal content published by users on their platforms by scanning and decrypting every message, image or post. Until now, online service providers were not responsibleunder what are known as the Section 230 provisions of the Communications Decency Act of 1996for anything users publish on websites, social media accounts or cloud servers.

In introducing the bill, Senator Graham said, This bill is a major first step. For the first time, you will have to earn blanket liability protection when it comes to protecting minors. Senator Blumenthal added, Companies that fail to comport with basic standards that protect children from exploitation have betrayed the public trust granted them by this special exemption.

While claiming to fight online CSAM and enlisting the support of 70 organizations involved in stopping child sexual exploitation, the bills actual content shows that its ultimate purpose is an attack on fundamental democratic rights.

The law calls for the creation of a 19-member commission controlled by the attorney general and US law enforcement agencies. The EARN IT commission will establish best practices that must be followed by the technology companies or they will face criminal prosecution if content on their services is found to be illegal.

According to the Electronic Frontier Foundation (EFF), among the best practices of the EARN IT Act is a proposal by John Shehan, vice president at the National Center for Missing and Exploited Children (NCMEC), that says, online services should be made to screen their messages for material that NCMEC considers abusive; use screening technology approved by NCMEC and law enforcement; report what they find in the messages to NCMEC; and be held legally responsible for the content of messages sent by others.

Therefore, the EARN IT law will place the tech companies and their users in a Catch-22. The law mandates that tech providers either agree to monitor the content and violate the privacy and free speech rights of their users by screening everything they publish, post or store on the service or they agree to be prosecuted by the state for any illegal content that appears on their site.

EFF further explains that the 19-member commission will be completely dominated by law enforcement and allied groups like NCMEC, and the bill gives Attorney General Barr the power to veto or approve the list of best practices. Even if other commission members do disagree with law enforcement, Barrs veto power will put him in a position to strongarm them.

It is well known that William Barr and the US Justice Department have been advocates of online censorship and for abolishing end-to-end encryption in consumer electronic devices. There is nothing stopping the EARN IT Act from introducing as one of its best practices a provision for law enforcements back-door access to encrypted communications and data files. Those firms which refuse to comply would then have their Section 230 protections eliminated.

It is a measure of the dishonesty of the American political system that leading Democrats and Republicans can so transparently use the fears and emotions of the public against child exploitation as a means of attacking fundamental rights protected by the Constitution.

On May 11, the Senate Judiciary Committee held a public hearing on the EARN IT Act and took testimony from witnesses on the proposed legislation. Among the speakers were representatives from the NCMEC, Jared Sine of the online dating company Match Group, a child exploitation legal expert, and Elizabeth Banker of the Internet Association. Of these speakers, only the last spoke against the EARN IT Act.

In her presentation, Banker explained that many of the major tech firms todayincluding Amazon, Ebay, Facebook, Google, Microsoft, Twitter and Uberare members of the Internet Association. She went on to review the multi-faceted measures that tech companies have been engaged in to combat CSAM, going back to the passage of the Communications Decency Act of 1996, from their platforms.

Banker then explained how the EARN IT Act would create numerous problems and hinder the efforts to combat CSAM by violating online users First and Fourth Amendment rights because the providers will be acting as agents of the government. She stated, Under Fourth Amendment jurisprudence, a search performed by an agent of the government is subject to the same requirements as if the government performed the search directly.

Banker also spoke about the implications for freedom of speech in the Senate Judiciary Committee bill, The EARN IT Act would delegate important decisions concerning security, privacy, and free speech on the internetweighty and complex matters that directly impact hundreds of millions of consumersto an administrative body that would be composed of members who are not elected representatives and that would operate with little transparency.

Finally, Banker said that although the bill does not specifically mention encryption, Requiring companies to engineer vulnerabilities into their services would make us all less secure. Encryption technology stands between billions of internet users around the globe and innumerable threatsfrom attacks on sensitive infrastructure, including our highly automated financial systems, to attempts by repressive governments to censor dissent and violate human rights.

It could not have been lost on the Democratic and Republican senators or Elizabeth Banker of the Internet Association that the greatest threat of censorship and violation of human rights all over the world, including within the US itself, comes from American imperialism.

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Bipartisan Senate Judiciary Committee introduces bill that censors online content and attacks encryption - World Socialist Web Site

Encryption Software Industry Ongoing Qualitative Analysis with Impacting Factor’s 2020 by Dell, Eset, Gemalto and more – 3rd Watch News

Innovative Report on Encryption Software Market with Competitive Analysis, New Business Developments, and Top Companies

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Prominent players profiled in the study: Dell, Eset, Gemalto, IBM, Mcafee, Microsoft, Pkware, Sophos, Symantec, Thales E-Security, Trend Micro, Cryptomathic, Stormshield

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This Report Provides an overview of the Encryption Software market, containing global revenue, global production, sales, and CAGR. Also describe Encryption Software product scope, market overview, market opportunities, market driving force, and market risks. The forecast and analysis of the Encryption Software market by type, application, and region are also presented. The next part of the report provides a full-scale analysis of Encryption Software competitive situation, sales, revenue and global market share of major players in the Encryption Software industry. The basic information, as well as the profiles, applications, and specifications of products market performance along with Business Overview, are offered.

On-premises, Cloud: On-premises, Cloud

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Encryption Software Industry Ongoing Qualitative Analysis with Impacting Factor's 2020 by Dell, Eset, Gemalto and more - 3rd Watch News

Big Boom in Cloud Encryption Market over 2020-2026 with CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation and more – The Four Point Play

Cloud Encryption

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Key Players Such as:- CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks Inc., Sophos Group Plc., Symantec Corporation, Thales e-Security Inc.

Cloud Encryption Market is growing at a steady CAGR within the forecast period of 2019-2026.

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Cloud encryption is a service provided by cloud storage providers, where data or text is converted using encryption algorithms and then placed in the storage cloud. Encryption changes everything, so only authorized parties can receive and view communication. Encryption is performed by gibberish encryption of common data using an algorithm called password. Secure data is called password text. Retrieving encrypted data is as simple as entering the correct password.

Significant Regions with leading countries Of Cloud Encryption Market covered in this report: Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia), Europe (Turkey, Germany, Russia UK, Italy, France, etc.), North America (United States, Mexico, and Canada.), South America (Brazil etc.), The Middle East and Africa (GCC Countries and Egypt.)

By Deployment Type

By Operation Type

By Software TypeRisk Management Mapping, Seismic Amplitude Analysis, Portfolio Aggregation, Performance Tracking, Navigation System, Resource Valuation, Reservoir Characterization, Reservoir Simulation, Drilling

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In this study, the years considered to estimate the market size of Cloud Encryption Market are as follows:

History Year: 2015-2019

Base Year: 2019

Estimated Year: 2020

Forecast Year 2020 to 2026

Table of Content:

10.Market Effect Factors Analysis

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Big Boom in Cloud Encryption Market over 2020-2026 with CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation and more - The Four Point Play

Data Encryption Software Market: Size, Share, Analysis, Regional Outlook and Fo – News by aeresearch

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