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Global council adds DeFi banking firm Scallop to help secure payment data

The journey to create a global council came as a result of the need to have a unified system where transactions on Blockchain can only go through if all the members approve, which limits the chances of fraud and money laundering, as the digital currency cannot be forged or damaged, creating a seamless means to move digital currency across borders with ease. Furthermore, It also facilitates the shopping process across social media and websites.

The global council however consists of 46 members, all of which are potential key players in the Blockchain industry, and are shaping the market day by day. They include government entities, international companies, leading UAE banks, free zones, and international Blockchain technology firms, including:

Microsoft, Du, SAP, IBM, Cisco, TECOM, Dubai Holding, Dubai Multi Commodities Centre (DMCC), EmirateNBD, Emirates Islamic, Dubai International Financial Center (DIFC), Souq.com, Careem, Mashreq, InfoSys, Wamda, Propertyfinder.com, Kraken, BitOasis, Umbrellab, AstroLabs, YellowPay, SmartStart Fund, Ethereum, Viktor Koenig LLC, Privity FZ LLC, Digitus, Network int, Michael Mainelli, Vinay Gupta, Smart Dubai Office, and Dubai Smart Government.

Reason for establishing the Blockchain Market

The establishment of the Global Blockchain Council comes in line with the efforts of the Dubai Museum of the Future Foundation to promote innovation and use the next generation of technologies to enhance UAE’s position as a leading center for innovation and knowledge economy. With the unified set-up structure, the Global market for digital transactions is expected to reach $9.5 billion with Investments in Blockchain attaining a threshold of $300 billion.

Peak on Scallop

With diverse adjoining platforms springing to disrupt the Blockchain and DeFi space, Scallop is an innovative fintech ecosystem for users who want a faster and more efficient way to securely manage their crypto and fiat in a single place. With this prospect which it holds, Scallop will help create awareness and drive the adoption of the PCI Security Standards. Beyond this feat it aims to achieve, It recently announced its entry to the PCI Security Standards Council (PCI SSC), a global community to improve payment data security worldwide. According to the DeFi firm, Scallop will be working with the PCI SSC by assisting in the ongoing development and adoption of the PCI Security Standards.

Appraisals to Scallop

Owing to the strides it’s been pulling, and executive director of PCI SSC, Lance Johnson, stated that Scallop is doing its part in “improving payment security globally” as they help create awareness and drive the adoption of the PCI Security Standards, a global standard for payment security administered by the PCI SSC.

In the event of increasingly sophisticated attacks on systems, PCI Security Standards and resources help organizations secure payment data, prevent, detect and mitigate attacks that can lead to costly data breaches. As a participant, the DeFi banking project will be joining 800 other organizations in helping to secure payment data worldwide by contributing DeFi-industry insights and recommending initiatives for the council. The firm will also be taking part in council meetings and sharing cross-sector experiences.

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