Blockchain: Portugal's Tech Answer to Fraud in the Finance Industry

DENVER - Sept. 14, 2023 - PRLog -- Nearsoft and Connecting Software, two Portuguese tech companies, announced a strategic partnership to use blockchain technology to combat fraud today. The collaboration has enabled the two companies to develop a state-of-the-art solution to prevent and mitigate fraudulent activity. This solution is already in use in the Finance industry and is expected to be expanded to other business areas in the future.

According to PwC's Global Economic Crime and Fraud Survey 2022, fraud rates currently vary between 38% and 52% - 52% of large companies have experienced fraud in the past 24 months, while smaller companies are slightly less affected, with 38% reporting having suffered fraud in the past 24 months. According to the same study, across organizations of all sizes, cybercrime is the most prevalent type of fraud-

Blockchain technology is known for supporting cryptocurrencies like Bitcoin, but its application in this case is entirely different. In this new software, blockchain is used as a distributed ledger that allows transactions to be securely and transparently recorded and verified. A secure digital record of documents is created using blockchain technology, and this record is used in the context of fraud prevention, allowing the detection of tampering or unauthorized changes to documents at any given moment.

"We are excited about this partnership with Connecting Software," said Pedro Camacho, CEO of Nearsoft. "Both companies have a strong culture of innovation and are committed to providing state-of-the-art solutions to our customers that help promote trust and combat fraud."

"This partnership is a major milestone," added Thomas Berndorfer, CEO of Connecting Software. "Nearsoft is a leading partner in solutions for the banking sector, and we are confident that with our expertise in blockchain authentication, we will make a difference in this sector, as we have already done in intellectual property protection, governance, and others."

Connecting Software https://www.connecting-software.com is an Austrian software company with offices in four countries: the United States, Portugal, Austria, and Slovakia. Nearsoft https://www.nearsoft.pt is an IT company based in Madeira Island, Portugal.