A blockchain can be considered a distributed database that is organised as a list of ordered blocks, where the committed blocks are immutable. One can see that this is ideal in the banking sector as banks can cooperate under the same blockchain and push their customers’ transactions. This way, beyond transparency, blockchain facilitates transactions’ auditing. Companies invest in this technology as they see the potential of making their architectures decentralised and minimising their transaction costs as they become inherently safer, transparent and in some cases faster. Within this concept, blockchains introduced serious disruptions to the traditional business processes since the applications and transactions, which needed centralised architectures or trusted third parties to verify them, can now operate in a decentralised way with the same level of certainty. The inherent characteristics of blockchain architecture and design provide properties like transparency, robustness, auditability, and security. Humans engaged in business world are continuously in the pursuit of wealth through innovation. That's why the relationship between blockchain and cryptocurrency is made. As an example, the Bitcoin protocol is built on the blockchain. In a research paper introducing the digital currency, Bitcoin’s pseudonymous creator Satoshi Nakamoto referred to it as a new electronic cash system that’s fully peer-to-peer, with no trusted third party. It is now used as a means of purchasing an item.
Unfortunately, the blockchain technology has been also adopted by some culprits and use this innovation on unlawful activities. Having said that, most dark markets quickly become illegal because of the kinds of products that they allow vendors to sell. As soon as a digital marketplace allows for the trafficking of drugs, weapons, or other illegal items, then it is breaking the law, and law enforcement officials will quickly get interested. With the help of Parsiq real-time blockchain analytics, it can be used to strengthen the security and integrity of the blockchain ecosystem. More often than not, preventive measures will be better need the ability to monitor and analyze blockchain transactions both in an authentic and real-time basis. It will be possible to spot unusual transactions or activities before they reach scale. This will surely benefit a lot of law enforcers. It can also help regulate fraudulent activities even before they are carried out. It includes having the ability to trace all the players involved in the unwanted activity. This will surely boost the safety of the blockchain ecosystem.
Submitted October 14, 2019 at 08:47PM by ChiaTheGreat https://ift.tt/2BaYMLl
