Cybercrimes have always been something that we have to worry about, especially in this day and age where we send sensitive information through various platforms on a regular basis. One solution that many people are getting behind these days involves the use of blockchain as a way to prevent such information from going public.
One thing that people often forget when it comes to blockchain is that they are extremely effective in combating cybercrimes. Listed below are four types of cybercrimes that blockchain can put a stop to:
Counterfeiting has been an issue for as long as brands have been a thing. It has been running rampant on the internet for as long as we can remember. Blockchain technology can allow you to track the origin of each product, allowing buyers and retailers to check the authenticity of the products they have.
For example, a shipment of items might come with a blockchain that needs a verification code from the receiver before it can be delivered to them. This will help prevent fraudulence, as there will be another layer of security measures to keep people from lying about the origins of a product, as it can be tracked very easily.
- Environmental Crime
Blockchain technology can actually reduce the prevalence of environmental crimes. For example, it can help bring poachers to justice. Various criminal organizations have always been involved in breaching protected areas to smuggle animals, plants, and precious stones, which can harm the balance of ecology for years to come.
A blockchain system can help track of the origin of a product, so if it was acquired illegally, it won’t have any verification number. This will help minimize poaching and environmental crimes by limiting the size of the market. When there isn’t as much money to be gained from engaging in illegal activities, fewer people will be willing to do so. They will shy away from committing environmental crimes because the risks of doing so far outweigh the benefits.
- Corruption & Fraudulence
People have been hiding crucial evidence of their crimes to get away with illegal activities. Operations like bribery and money laundering allow many illegal activities to go unnoticed. But with the introduction of the blockchain system, it will be more difficult to hide such acts. You can track supplies closely and see where they’re going, which will allow the authorities to set up a sting at the top of the supply chain.
- Blockchain Crimes
It goes without saying that the best way to deal with blockchain crimes is to use blockchain technology. Cryptocurrency fraud has been a concern ever since the inception of the system, which is why it’s important that we have a way to deal with it. As the blockchain system becomes more sophisticated, we will be able to track illegal activities that use cryptocurrencies.