Interpol Global Complex for Innovation, A Singapore based company has come up the concept of cryptocurrency. The motive of this concept is control cybercrime. IGCI with support of international police’s digital crime center and cybercrime research and development capabilities is working on this concept. The purpose of cryptocurrency was revealed at the” Interpol World “conference at Sands Expo and Convention center. The cryptocurrency idea was announced by Dr. Madan Mohan Oberoi.
Oberoi has a good background as he has been working with India Central Bureau of Investigation as an inspector-general. In past he headed cybercrime cell, technical and forensic zone with international police co-operation unit at CBI. Oberoi’s views on cryptocurrency are optimistic, he said this technology will be used in a training simulation designed specially to create scenarios of cryptography misuse.
His methodology of teaching law enforcement is: The best way is by doing, classrooms lectures or power point presentations would not make much impact whereas by hands on experience it makes an impact.
He told the number of resource working on this project will be 30 people including people from Singapore Police Force, who are currently involved in developing in house forensic tools at IGCI.
In a previous report from IGCI, Virtual Currencies were declared vulnerable. The block chain that will be used to store data, referenced or hosted within encrypted transactions is vulnerable towards malware and illegal data embedded in transactions. Block Chain is an open space in cryptocurrencies. This revelation was supported by Kaspersky Labs, made at Black Hat Asia 2015 in Singapore. Interpol is working on awareness towards this cyber threat and finding a solution to avert this situation.
This vulnerability can be used for deploying modular malware. This window of injecting malware and other data into open space known as block chain in cryptocurrencies can make this technology a place as safe- haven to host illegal content. The key aims behind the birth of Interpol Global Complex for Innovation is to research and identify new cyber-threats. A day with zero attacks in cyber history.