Montnets Group and QLC Chain will launch the blockchain-based anti-fraud product with joint efforts
This article is based on Montnets’ news release, ‘Blockchain empowers telecom anti-fraud application, Montnets Group is launching its blockchain-based product”, an original piece can be found via
With the development of blockchain technology, the adoption of blockchain has expanded from digital currency and finance industry to various fields, especially communication. At the core of blockchain technology, the two key features decentralization and security fundamentally improve the security of information transmission and promote the industrial innovation further on.
“Congratulations! You have won the X Prize in the China Welfare Lottery with the prize of XXX million yuan. Please claim your prize with the password at the China Welfare Lottery Office before XX/XX.” We have got used to the messages like this. In fact, this is a fraudulent message sent from a pseudo base station in the disguise of any certain official institution to trick the recipients into clicking on the link that may result in funds loss. According to the statistics, the financial loss involved in such frauds reaches several hundred million yuan annually.
“In the case of private data leakage, victims can hardly verify the authenticity of the messages, which may lead to huge financial loss. Since it is hard to trace the sender’s identity, the recipient can not make a valid complaint or report. Utilising the blockchain consensus-based distributed whitelist. we could effectively address the telecom frauds issue. “ Allen Li, the founder of QLC, told the reporter.
He introduced that, differentiated from the point-to-point transmission in traditional communication, with blockchain technology, all data is stored on a distributed network, there is no centralised server/location for storing the data. This makes it avoid the security problems caused by single-point attacks.
At present, Montnets’ blockchain-based anti-fraud products have been continuously tested and will be officially launched soon that may eliminate the telecom frauds as such.
According to Allen Li, the front-end interface of the anti-fraud product is the Montnets blockchain wallet which is open for testing applications to the public. Firstly, the blockchain wallet supports the traceability of the distribution and usage of the top-up credit coupons of China’s three major operators, meanwhile generates the blockchain-based invoice which is recorded into the blockchain.
Secondly, through Montnets’ blockchain, users can make fraudulent calls and SMS annotations via the wallet as the first step, in the second stage, users can gradually establish a public national blacklist based on blockchain once the consensus is reached from the blockchain nodes’ voting. In return, users will get mobile top-up credit coupons as rewards distributed by Montnets’ blockchain for making fraud annotations.
At the back end of the Montnets blockchain product, Montnets supports its clients to encrypt the A2P\SMS to form a whitelist, which is confirmed from nodes’ voting from Montnets’ blockchain. When a user receives a text message, the wallet at the front end supports alerts and lookup of the trusted/suspicious text messages, thereby ensuring traceability of the information source and enhancing security.
The Montnets blockchain products, starting from Q-Wallet are now under test on the QLC chain, the front and back ends are completely open sourced. All customers and enterprise clients can review and encrypt their data locally. Users can also download the Montnets blockchain wallet beta version with an invitation, and get the Montnets blockchain credits for free or by making fraud SMS and phone calls annotations. The credits can be used to redeem the mobile top-up discount coupon which forms a closed-loop ecosystem.
It is worth noting that as China’s leading cloud communication service provider, Montnets Group with hundreds of thousands of enterprises customers and strategic partnerships has been deploying in the blockchain industry for the past 2 years. As with the launch of the blockchain product, the blockchain-based anti-fraud products loaded with cloud computing functionalities will expand its enterprise-level adoption and provide services directly to Montnets group’s existing enterprise customers and other third parties. With more usage scenarios involving good customer stickiness, the blockchain products will promote the structural transformation of the industry utilising blockchain technology.
