Blockchain transparency and increasingly sophisticated forensics are busting the myth that blockchain networks are criminal havens, avivahl writes in a PrivacyWeek op-ed.
Detecting blockchain addresses used by criminals doesn’t yield the identity of the address’ owner. No KYC is required to use a blockchain unless a user onboards through a virtual asset service provider that complies with regulations. Most criminals use self-hosted wallets and are their own “banks.”
Hundreds of companies already engage in similar Web 2 data aggregation to support threat intelligence, marketing, loan approval and other use cases, generating profitable data markets worth billions of dollars.Over time, users will increasingly authenticate to Web 3 apps using blockchain wallets. Service providers will need to rely on blockchain data analytics for risk mitigation, marketing, crypto-market monitoring and more.
Criminals will move more communications to encrypted private channels, making their real-world identity harder to determine. The cat and mouse game will continue, and agile bad guys will likely stay steps ahead of good guys bogged down by bureaucratic processes.It’s a myth that blockchain networks are criminal havens. Reports from Financial Action Task Force and blockchain intelligence providers confirm this fact with hard numbers.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Grayscale Considering 25 More Crypto Assets for Investment Products – Altcoins Bitcoin NewsGrayscale has added 25 crypto assets to its list of assets under consideration for investment products. cryptocurrency
Read more »
Nearly new buying guide: BMW Z4 | AutocarA Boxster has traditionally been the critic’s choice, but the latest BMW Z4 gets closer to besting its rival than ever before - and buying nearly-new can help put one on your driveway for less than you might think:
Read more »
CoinMarketCap x Wilder World: Find Our Library of Alexandria in Wiami | CoinMarketCapCoinMarketCap Alexandria is entering the metaverse — you can soon find our library of crypto knowledge in Wilder World’s metaverse city of Wiami.
Read more »
'Killer Lake' in Africa Looks Like Paradise, But It's Hiding a Deadly SecretThe engineers aboard the floating power station on Lake Kivu could only watch nervously as the volcano in the distance erupted violently, sending tremors rumbling through the water beneath them.
Read more »
Global Crypto Owners Predicted to Surpass 1 Billion This Year – Featured Bitcoin News'Nations can no longer afford to ignore the growing push to crypto by the public. We may in many cases expect a friendlier stance towards the crypto industry.” cryptocurrency bitcoin
Read more »
Ohio troopers find $155,000 worth of cocaine in hidden compartment of pickup truckHidden or not, the K-9s with the Ohio State Highway Patrol will likely sniff out any illegal contraband in vehicles during traffic stops.
Read more »