Emerging Blockchain Forensics Monitoring and Analysis

0
56

Blockchain assists companies with visibility into transactions, identities, and funds by automating real-time blockchain forensic analysis of smart contracts on the Ethereum network. You may use Pattern Trader to begin bitcoin trading with the right tools, trading strategies, and guidance from experienced traders.

From preliminary discussions with significant law enforcement agencies in the United States investigating terrorist financing to criminal enterprises such as drug cartels, this blockchain technology has already provided new insights into criminal activities while reducing risks that may arise from a lack of legal jurisdiction or consent. Let’s discuss everything you should know about blockchain forensics monitoring analysis.

What is forensics monitoring analysis?

Forensic analysis is a retrospective data analysis of computer logs and activities that law enforcement agencies usually perform against criminals and other illegal activities on the dark web. In the context of blockchain forensics, this analysis is mainly used to monitor the activities of a specific smart contract on a private or public Ethereum network.



Why should we consider blockchain forensics?

This technology can change how security and enforcement agencies operate in the dark web by helping them track the depth of criminal activities through timestamped records of transactions and documents.

Using pre-executed intelligent contracts, blockchain forensics have been helping law enforcement agencies solve crimes committed as early as March 2017 that collided with over 400 billion dollars worth of cryptocurrency. Blockchain also provides immediate management capabilities by tracking geographic locations, IP addresses, and other data that can help detect money laundering activities early.

How can blockchain forensics help law enforcement agencies?

Security and forensic analysis of Blockchain transactions help identify the existence of illicit activity as early as possible by providing the complete end-to-end history that is timestamped and evergreen. As an example, an illicit transaction may appear to be legitimate on the surface but with the help of blockchain forensics, it can be identified by anyone that it was actually part of a more significant criminal activity such as drug trafficking or money laundering. It makes it extremely difficult for criminals to hide their actual activities from law enforcement agencies as data primarily define them.

How can we apply blockchain forensics to real-world scenarios?

This technology has already been applied in real-world scenarios with great success. For example, the Estonian government has partnered with Guard time to implement blockchain technology in their e-residency program. In 2014, Finance Innovation Awards were given to the Bank of Canada for successfully implementing blockchain technology to monitor transactions across central banks globally.

What are the critical capabilities of blockchain forensics?

Blockchain forensics is entirely decentralized, providing a transparent view into transactions between two parties, and helping authorities identify if there is any illicit activity taking place. Blockchain forensics also improves transparency by recording every network transaction and associating it with a specific public or private key.

Each transaction on the blockchain can be assigned a specific time, date, and sequence number to identify fraudulent activity on a contract. Security and enforcement agencies can easily monitor historical information from intelligent contracts since this technology uses timestamps recorded at various times. Also, the forensic analysis of smart contracts provides an event log that provides complete information regarding every transaction, including the parties involved, their IP address, country, and other details.

The future of blockchain forensics looks promising, as it can play a crucial role in stopping terrorism, counterfeit merchandise, and money laundering. At least the governments have started taking serious steps in embracing this technology to make some fundamental changes.

Digitization of proofs:

At the heart of the blockchain, forensics is simplicity, making it easy to track and identify illicit activities on a network. With this technology, systems become transparent so that they can be easily monitored and controlled by security and law enforcement agencies worldwide.

Blockchain forensics provides end-to-end transparency of transactions and evidence that helps identify frauds and other types of criminal activity. Although this technology has the potential to be used for improved control, authorities are still working on developing a framework for its use in security, law enforcement, or even government agencies.

Blockchain forensics implementation:

Blockchain is being used by the biggest technology companies such as Microsoft, IBM, Factor, and Guard time for improving the real-time tracking and management of data. In addition, these companies are embracing digital transformation to increase the efficiency and effectiveness of their services.

Consequently, blockchain forensics application is also increasing, making it possible for people to monitor blockchain network activity anywhere in the world. Such industries include financial institutions such as banks that use these networks to verify payment requests between parties while ensuring secure payments.

Blockchain is an all in all solution for tracking criminal activities:

Blockchain is unlocked for everyone to benefit from its security, speed, transparency, and non-redundant technology. It is possible by installing a complete monitoring system linked to existing infrastructure, such as malware and key loggers, that allows authorities to trace money laundering and other illicit activities occurring on networks.

ATTENTION READERS

We See The World From All Sides and Want YOU To Be Fully Informed
In fact, intentional disinformation is a disgraceful scourge in media today. So to assuage any possible errant incorrect information posted herein, we strongly encourage you to seek corroboration from other non-VT sources before forming an educated opinion.

About VT - Policies & Disclosures - Comment Policy
Due to the nature of uncensored content posted by VT's fully independent international writers, VT cannot guarantee absolute validity. All content is owned by the author exclusively. Expressed opinions are NOT necessarily the views of VT, other authors, affiliates, advertisers, sponsors, partners, or technicians. Some content may be satirical in nature. All images are the full responsibility of the article author and NOT VT.