Israeli blockchain startup offers “cancellation” function for Bitcoin (BTC) transactions

Two-year-old Israeli blockchain startup Kirobo announced on Tuesday that it had found a solution to human-error problems in cryptocurrency transactions. In a recent Fio Foundation survey, 55 percent of respondents said they made human error related to stress when sending cryptocurrencies. 18 percent said they had lost money as a result of such mistakes.That is why Kirobo invented a so-called “retrievable transfer”. This allows senders to cancel a transaction that was sent to the wrong address. Kirobo assigns a unique code to the sender and the recipient has to enter the appropriate password to complete the transaction.”

 

Can retrieve money at any time

As long as the correct code is not entered by the recipient, the sender can retrieve the money at any time. […] Kirobo does not have the user’s private key and has no access to the money or its destination: the password only controls whether the Transaction is completed or not, “said the startup.The platform has been reviewed by the Scorpiones Group and is supported by the Israeli innovation agency.According to Kirobo boss Asaf Naim, the goal is to make blockchain transactions as easy and secure as online banking. Retrievable Transfer is the first Kirobo product to bring a logic layer into blockchains that protect users from human error.