The phrase "devalue the data" was used several times by new PCI SSC General Manager Steve Orfei in his keynote today during the PCI Community meeting in Orlando. I like the term - data devaluation - and that's obviously the right direction. It means that payment transaction data, even if intercepted and stolen by hackers, cannot be useful for processing new transactions. In payment card industry it can be achieved by using different technologies and their combinations: EMV, P2PE, and Tokenization. But it took the payment industry several decades to realize that the data must be devalued, and it will take many more years to fully implement such devaluation. Unlike PCI, Bitcoin and other crypto currencies are designed in a way that transaction data has not value by definition. So is it worth making efforts and trying to patch the old technologies in order to achieve the same level of security that new technologies already provide out of the box?
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I'll be doing two one-hour book signings at Black Hat USA 2014 and DEF CON 22 conferences in Las Vegas: Black Hat USA 2014: August 6, 2014, 5:30 pm Mandalay Bay Conference Center, Tripwire booth 141 (I'll be doing a short presentation before the book signing) DEF CON 22: August 8, 2014, 11:00 am Rio Hotel & Casino, No Starch Press community table in Vendor Area   Most of the trends and predictions in this presentation are intuitively obvious, but it is still interesting to see the real numbers (if they are actually real). It's interesting to see the current share of daily bitcoin transactions compared to plastic cards: $58 million of bitcoin vs. $37,114 million of all card brands. However, the difference between the amount of daily bitcoin and PayPal transactions is not so dramatic already: $58 million of bitcoin vs. $397 million of PayPal. Expedia is one of the largest online travel agencies, and so far it is probably the largest retailer to accept Bitcoin as a payment method.  If you have free access to government or university supercomputer - don't miss your chance to become a millionaire! the National Science Foundation (NSF) revealed that more than $8,000 (£4,760) worth of bitcoins had been generated from NSF-funded computers. A member of the Harvard community was stripped of his or her access to the University’s research computing facilities last week after setting up a “dogecoin” mining operation using a Harvard research network. Another interesting use case for Bitcoin! A number of forums devoted to Bitcoin have been filled with husbands discussing the option of using digital currencies, a London divorce lawyer has claimed. Finally, it looks like Apple change their policy regarding crypto currencies and enable Bitcoin to be accepted and processed by store apps - right move, which I guess will also improve the Bitcoin exchange rate and its stability. Amazon was awarded a patent which explicitly mentions crypto-currencies -- and specifically Bitcoin -- as a potential payment method. Various types of digital cash, electronic money, or crypto-currency can be used, such as Bitcoins provided by the Bitcoin P2P Currency System. John Donahoe, CEO of ecommerce giant eBay, said he is actively considering an integration of popular digital currency bitcoin with the company's payment processing service PayPal. |
  
Books
 Crypto Basics
 Bitcoin for Nonmathematicians: Exploring the Foundations of Crypto Payments
 Hacking Point of Sale: Payment Application Secrets, Threats, and Solutions
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