Name Price24H (%)
Bitcoin (BTC)
$48,985.00
1.14%
Ethereum (ETH)
$1,540.51
0.67%
XRP (XRP)
$0.460151
-1.24%
Litecoin (LTC)
$180.45
-0.22%
Blockchain, Blockchain Security, Featured

Blockchain’s Instrumental Role in Shaping the Future of Cyber-Crime Investigations

Blockchain has been able to bring extensive reformations across different sectors, and now it is projected as a potential deterrent for criminal investigations as well, especially in the cybercrimes division. The growing rates of cybercrime are a major concern today since it is the developing countries with some of the highest GDPs that bear its brunt from frequent cases. This is because, those are mostly the societies that are more accustomed to using the advanced technologies to fulfill their regular needs, which makes these nations and the people living there, soft and easier targets for cybercriminals. It is projected that by 2021, the damage from cybercrimes will reach $6 trillion. 

Blockchain for Tracking illegal Transactions

Blockchain comes with a varying range of options for criminal investigations, notable cybercrimes.  It can even counteract potential attacks by cybercriminals. Blockchain technology enables the tracking of suspicious and illegal transactions and blocking the funds’ movement for financing criminal activities. 

In recent years, there have been multiple cases of ICO frauds and venture funds aimed at the misuse and embezzlement of the finances from the investors. Apart from that, the integration of blockchain with forensic databases to store investigative data, makes it more accessible and secure simultaneously. Such a system will enable the law enforcement authorities to store the full range of information such as misdemeanor information, criminal records, biometrics of the citizens and migrants, and more safely.

Already, many criminals have started asking for cryptocurrencies as ransom disrupting their reputation and reliability in the eyes of the users and regulators. The affinity of criminals towards crypto comes from the fact that the digital asset was designed to be borderless, making it extremely difficult to trace. The criminals are cashing in on that, giving governments a chance to ban its use by the general population. The criminal activity surrounding cryptocurrencies does nothing to uplift its position in the eyes of the law and order that said, things are gradually changing for the better. 

Recently, a significant number of enterprises have been vouching for blockchain solutions to counter the cases of money laundering. Some of these are used to run financial analytics and to conduct risk monitoring for crypto transactions. There are blockchain start-ups that have developed platforms for tracking suspicious transactions, with the intention of countering financial terrorism. Several government organizations are also using blockchain-based platforms to counter cyberattacks and cyber terrorism. These platforms come with the provision to monitor and streamline the block operations.

While at it, let’s not forget the cases of personal data and theft of intellectual property that are recorded seldom. If history has taught us anything, then it is that the law enforcement organizations with their legacy infrastructure are ill-equipped to counter the cyber-attacks. So, even though many show reluctance blockchain technology is their only way out. 

Also Read: Applications of Blockchain for Smart Homes: What Solutions can It Bring?

Enhancing the Investigative Methods

The primary problem is that of data storage. Most infrastructure is still organized in a centralized format. When one gains access any kind of changes can be easily made, even delete existing information, without anyone knowing. For instance, the ministry databases comprise sensitive data concerning the wanted criminals. In case ever the system is hacked, then the perpetrators can easily tamper with the stored data, resulting in diplomatic level issues. Criminals in ongoing investigations can alter the evidence as well to escape punishment. 

Today, the option in contrast to unified data stockpiling is the utilization of a blockage framework: a framework without focal capacity and an information base head. Information is put away on the PCs of the relative multitude of organization’s individuals. Trustworthiness and security are ensured by utilizing cryptographic natives — hash work, awry encryption, utilization of keys, and so on likewise; blockchain innovation permits you to follow who rolled out these improvements and when since you need a unique key for access. All keys are not put away midway, with every client. There is no single area of assault in the whole information base, which implies that it’s absolutely impossible to take all the information immediately. 

Information bases of significant state foundations are generally kept up by a unified association. This implies that to get data, the criminals would have to break into a centralized database with a solitary objective, after which they can without much of a stretch take any information. In the event that we envision that the whole information base of the Ministry of Internal Affairs is data circulated among a few associations, every association would have its own access key, successfully expanding its security. With the assistance of blockchain innovation, clients can re-establish the sequence of data into the base. 

On account of concentrated databases, just duplicates of reinforcement are accessible at one point expectedly, yet not the total image of all the processes is truly visible in the database. In digital forensic sciences, it is at times important to look at electronic devices to extricate their information. 

Also Read: How Blockchain is Improving the Global Mining Industry

Conclusion

Criminal or cybercrime case materials, investigation protocols, and data from different sources with the implementation of blockchain will be processed by AI, eliminating the need of doing it manually by the investigators. Thanks to technological advancements, the blockchain-powered system will be able to automatically detect the suspects when trying to make contact. Fair to say, that blockchain is the future of cyber-crime and other criminal investigations. 

Leave a Comment

Your email address will not be published. Required fields are marked *

Explore The Blockchain World With Us,

Get Blockchain Enterprise Solution From HashCash