Breaching – aren’t you familiar with this term? Yes, everything in the digital evolution is always under high threat! And the most critical part goes for the payment system and it needs maximum protection.
How exactly does payout system works, and how far is it secure?
Let’s take a case study and understand How we came up with a stand-alone payout system?
A problem to solve!
Breach-hindrance shield – The key to avoiding security breaches in payout system!
Hacking is a vital issue, and the term “privacy” is no longer having its meaning in the digital world. Developing a highly secured system is the only way to overcome such an issue.
Even the big fishes in the digital industry have faced several issues after the emergence of cloud computing. Yes, everything does have a back-up, and still, it’s available in the cloud platform.
The current system is vulnerable to hacking and other security breaches.
In a normal payout system, the user makes a payout request and the request will be available with the back-end system and the admin has to approve it manually. Until then, the system will not make any payment – “payout is pending” status will be displayed. After approving the payment, the admin has to update each and every transaction separately.
A complete manual system, Isn’t it?
A dedicated payout system makes every payment simple and automatic. Moreover, such an effective system uproots away the chances of so-called breaching. The model guarantees a high secure payout system, an ideal & apt system!
How is it different from the normal payout model?
To understand all about the system, you must understand the recent breach history that the digital world has seen!
Recently, a security breach threatened and attacked the database of many business organizations. Vital and confidential data got stolen, and most importantly a duplicate wallet id has been created by the intruder.
A digital wallet is used to receive the payment, and for the transaction part, a wallet address is necessary. Usually, the system is protected using a private key. And the details are stored in the database. So, if an intruder gets into the system, these details will be hacked and a wallet address will be generated dynamically by the intruder and the further payment will be made into that account.
What if this happens? The whole payment will get transferred to an outside wallet id and yup, every penny is lost!
Enclosing & dealing with the problem.
What if there exists a better payout system? Won’t that be fantastic?
Yup, it is nice to have the best system that stands out among the other and give out a proper solution to the troubles faced in the normal existing system.
The payout model developed from Epixel side is an advanced version, and it’s first if its kind!
The proposed system is developed by a world-class team using trial & error method. Various hacking techniques are tried out to explore the breach-entry. And finally, the breakthrough point is reached – “The solution”! Ethical hacking experts tried out these methods to breach into the system and failed.
The solution – problem solving methodology!
In breach hindrance shield system, a dedicated entity is used to store these sorts of details. Comparing the details the system gets encrypted with matching algorithms. If any mismatch occurs, an alert notification is generated and the transaction is nullified.
After nullifying, the user has to reset the details and verify the new wallet id. And to change these details there is an additional security layer and it’s known as “2 Factor Authentication”. To log inside the system one has to follow the 2FA part and make the changes. A matching code can be set either by means of a third-party application or via SMS or by means of email verification etc. (Well, the user can enable or disable this 2FA part and it’s up to the user.)
If the critical data is changed, email verification is automatically generated and approval is required to make sure it’s genuine.
Hence high-security measures are enforced in the system and breaching is no more an issue.
So, an intruder can never enter into a system and attack the database in any manner. Everything is encrypted, and the system exports the payout data as JSON file, and then, the admin has to import this file to complete the transaction. The JSON file is in the encryption code format, and the wallet address isn't visible in the file.
Extra Note: What happens to the payout system once the third-party gateways used for the transaction?
If a third-party payment gateway like PayPal is used, the credentials, permission keys etc. are stored on the server itself. So, an intruder may get inside the system and hack these details. With encryption and checksum, these details cannot be hacked by anyone and everything thus protected.
A huge relief for the world – A promise to the digital from the hard working Epixel team!
The final result or "Upshot"!
Guarantees a highly secure system with the breach – free payout system.
A fully-automatic payment system now available in the live environment.
Every module interacts each other, and new modules work well in parallel.
Handle mass payouts without any system crashes or delay.
Easy access and make payment for the cryptocurrency, digital currency, token exchange or literally anything with this new system.
Even upgrades and update the current system with the desired outcome.