Famed Master Forger Sees Banks Transitioning into Blockchain Tech

“I think you have to be pretty ignorant not to realize that blockchain is the way of the future.” This was Frank Abagnale’s sentiment during his talk at the Blockchain Nation Miami conference held in April, according to Fortune.

If that name rings a bell, it’s because Steven Spielberg’s movie “Catch Me If You Can” is based on the life story of the guy. Following his illicit ventures between the ages of 15 and 21 – when he acted as a forger, a confidence trickster and an impostor – Abagnale became a security consultant, where he used his expertise to create safety measures for his clients.

He has worked with financial firms, corporations and various government sectors for more than 40 years, providing input on how to shape a certain company’s security framework. And because of blockchain’s efficiency in providing these security measures, it’s no surprise that Abagnale gravitated towards the technology.

The master forger said that a multitude of institutions will integrate blockchain into their system simply because of the advantages that it brings which no other technology offers. Among the institutions he mentioned are banks, especially those in accounting firms and in the accounting practices. Abagnale’s analysis isn’t exactly new in the financing market since there are numerous banks, both private and government, that are already implementing blockchain in their systems.

Abagnale went on to say that similar to a lot of things, the adoption of the technology will take some time before the common Joes and Jane understand how blockchain works. There’s also the issue of regulation and how it’s just being shaped by legislators, who are careful to place restrictions but not to the point that they suffocate the technology’s growth.

The master forger acknowledges that blockchain offers a lot of safety barriers that render his previous illicit acts as no longer possible. Of course, the digital ledger technology still has vulnerabilities in its system which malicious entities can exploit. Hacking is still a possibility, as observed this month when a trading app was attacked, resulting in a $1.35 million loss, and when a privacy-based crypto company suffered a similar infiltration where $1.7 million was taken.