Oct 27, 2018 12:30 UTC
Oct 27, 2018 at 12:30 UTC
Blockchain Use Case: Law Enforcement
It comes with no surprise that blockchain technology poses unique threats to law enforcement firms. This unique technology allows individuals to transfer funds from wherever they are in the world, and in many cases anonymously. Criminals also recognize this ability and are bent upon finding new ways to integrate these features into their illegal activities. Where the news usually sheds light on the nefarious actions of the crypto users, it’s also become important to comprehend how this technology creates a unique opportunity for blockchain law enforcement strategies to develop.
When crypto was in its infancy, a lot of people thought Bitcoin to be anonymous and untraceable. Crypto investors now understand that it isn’t the case any longer. Multiple blockchain tracking platforms currently exist in the market today. The platforms, like Chainalysis, offer individuals the means to research the transactions on the blockchain technology.
Blockchain tracking platforms are helpful for the individuals as well as organizations in monitoring the activity on the blockchain in real-time. Such tools are found helpful in tracking the unusual transactions, but owing to their civilian-based nature, they are unable to unmask the identity of the owner of a specific crypto-wallet.
This wish for more blockchain information prompted the development of some of the blockchain law enforcement strategies. Different from their predecessors, these platforms seek to offer law enforcement with the added functionality.
A Few Of the Most Important Platforms To Watch
The popular cryptocurrency platform, Bitfury started their Crystal system in January of this year. Crystal is an all-in-one Bitcoin blockchain analysis tool particularly developed for the use by law enforcement organizations. The program offers a blockchain law enforcement system including advanced data mapping as well as grouping technology.
Crystal monitors blockchain of Bitcoin in real time. This information gets sorted and grouped depending on its transactional information. The program helped the law enforcement to notice suspicious transactions between multiple Bitcoin accounts. The Firm boasts that their product can track and identify the criminal activity on the blockchain with high accuracy.
The system helps the grouping of the data regarding a particular entity. In the Blockchain Community, ascertaining this data can turn out to be a daunting challenge. Crystal understands such patterns and forms a user identity automatically based on the activity.
Bitfury wished an easy-to-use system that featured a user-friendly interface. Also, the system gives each transaction with a detailed risk score. After that, these scores offer investigators with the means of rating the authenticity of a transaction. The system offers this information by monitoring tens of thousands of suspicious Bitcoin addresses.
For instance, law enforcement gets a notification at the time when funds have been sent to an address connected with the dark web. Also, the system untangles the data, which reveals when fund distribution spans a few entities.
Leonovus is a Canadian-based organization recently disclosed its latest law enforcement tool which is known as Blockchain Evidence Locker. In the face of increasing demand for digital evidence storage, this brings the solution.
In the present, law enforcement agencies find themselves in a unique scenario, which is about a vast majority digital evidence. This digital evidence needs secure storage methods. Everything from possessed computer evidence, all the way to body cam footage, requires to be stored in an unaltered manner. The existing method of storing this information leaves quite a lot to be desired as law officials have no other way of confirming that the evidence has not been altered, viewed, or tampered with amid the interim period between arrest and trial.
The Blockchain Evidence Locker of Leonovus uniquely accomplishes this task. The platform uses a blockchain to distribute the data in a well-secured and easily accessible manner. The transparent nature of the system restricts any intruder from changing the evidence. Also, the system timestamps all the evidence with who saw the information and wen they viewed this.
The existing system needs law enforcement officials to maintain a detailed chain of custody for all the digital evidence. Presently, this process consumes a huge amount of resources. The Leonovus’ Blockchain Evidence Locker automates this procedure via the use of smart contract technology. Another wonderful feature Leonovus added is the ability of auditors to view as well as verify the gathered data in real-time.
The Blockchain Evidence Locker has several law enforcement agencies expressing the interest in the platform. The company declared a pay-based trial this month, and some law enforcement agencies across the globe have registered.
In addition to the software solutions, law enforcement agencies keep on gathering their resources to fight eh new threats faced worldwide. Multiple blockchain-based law enforcement groups share information. The Blockchain Alliance shows over 50 registered members, many of them comprise these groups.
The platform entered the scene last year in October, chasing some high profile crypto cases. The organization says that it’s a resource for the Blockchain community for understanding the concerns as well as interests of government bodies. The alliance looks to educate the law enforcement agencies on how to tackle the rising use of cryptocurrencies perfectly in global criminal activity.
The developers of this blockchain platform believe that educating law enforcement officials is the initial step towards alleviating their fear as well as anxiety that surrounds the new technology. In the present, the platform offers an open and useful dialogue between industry law enforcement officials and industry professionals.
They may be another option for the law enforcement officials to consider upon. Different from the traditional tokens, these tokens come with KYC and AML regulations in the coding directly. It helps in removing anonymity from the crypto space. Authorities have faith that this approach will help in reducing the use of crypto in illegal activity.
While being new in the crypto space, these coins continue seeing the enhanced adoption. This evolution makes cryptocurrencies perfectly fit into the existing financial regulations. These regulations need users to offer relevant data including their true identity. Many people believe that these tokens are crucial to reducing the amount of illicit activity in the space.
Blockchain Law Enforcement Strategies
As cryptocurrency continues to its way to the adoption, there is literally going to be enhanced interest in the fields of tracking and monitoring blockchain transactions. Law enforcement agencies look towards such new tools and resources to fight advanced criminals. The stakes are high, particularly when you consider the amount of crypto that the government already confiscated.