Israeli start-up wants to enable cancellation of crypto-transactions

The unchangeability of the block chain ensures transaction security. An Israeli start-up wants to use “revocable transfers” to offer the senders of crypto-currencies the possibility of cancelling transactions that have been carried out incorrectly.

According to Kirobo CEO Asaf Naim, the aim of the innovation is to make blockchain transactions as simple and secure as online banking. With the issued product and the Retrievable Transfer, users should be protected from human error within the block chain. A survey conducted by the Fio Foundation shows that around 55 percent of those surveyed made mistakes when sending crypto-currencies, which can be explained by increased situational stress. 18 percent of the users surveyed in the study even reported massive mistakes that resulted in a loss of money.

Recipient receives code

The only two-year-old start-up announced on Tuesday that the irrevocability of the blockchain will seek to eliminate this human failure in the trade of crypto-transactions. With the developed technology, the sender receives a code which – in order to receive the transfer – must be entered by the recipient. If the recipient cannot provide this code, the sender can revoke the transaction. However, Kirobo has no private key of the user for these transactions and no access to the money or the destination. The password only determines whether the transfer is completed or not. For the time being, the revocability solution should be possible for Bitcoin and Ethereum transactions.

Transactions up to US$1,000 free of charge

According to the company, the revocable transfer will be available immediately on the ledger wallet for Bitcoin transactions. There is no concrete price information yet, but transaction amounts of up to $1,000 are to remain free. The innovation is audited by the Scorpiones Group and supported by the Israeli Innovation Authority.

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