An Israeli blockchain startup named Kirobo, which is just two years old claims that they have found a way to cancel or undo the BTC transaction if they are sent to the wrong wallet address.
Kirobo the Israeli two-year-old startup announced on June 30 that it has found a way to tackle problems related to human error in cryptocurrency transactions.
Research held recently by a foundation named the Fio Foundation reported that 55% of respondents reported experiencing stressful human errors when sending cryptocurrency and 18% reported the loss of funds due to such errors.
Kirobo has invented a way called “Retrievable Transfer,” a way for senders to cancel a transaction or undo the transaction if it is sent to the wrong address. Kirobo provides a unique code to the sender and the receiver has to enter the matching password in order to receive the transfer.
The startup said that “Until the right code has been provided by the recipient, the sender can retrieve the funds at any time Kirobo does not hold the user’s private key and has no access whatsoever to the funds or their destination: the password simply governs whether the transfer is finalized or not,”.
According to Kirobo CEO Asaf Naim, the main moto or the key point of the invention is to make blockchain transactions as easy and as secure as online banking. Retrievable Transfer is the first product released by Kirobo, which is looking to add a logic layer into blockchains that protects users from human error.
According to the startup, Kirobo the Retrievable Transfer feature is now available on the Ledger crypto wallet for Bitcoin (BTC) transactions, and will purportedly remain free for transaction amounts up to $1,000.