Bitcoin May Help Criminals, But Blockchain Can Help Thwart Fraud

Cameron Camp

We all know bitcoin as an edgy and anonymous cryptocurrency. It provokes strong opinions. Department of Justice officials reference it in connection with real-life crimes, just as made-up bad guys reference it in movies.

But the underlying ledger technology behind bitcoin — the blockchain — should lack such negative connotations due to its capability of tracking users’ activities in a rigorous way. While bitcoin is viewed as “secret currency,” the technology behind the cryptocurrency is immensely useful to financial services companies in preventing hacking.

The blockchain can paint a very accurate chain of events for traditional payment transactions, and ultimately, help spur a precipitous drop in fraud.

In a cryptocurrency transaction, you can’t know who the parties involved are. They’re anonymous. If anonymous party A disputes a transaction with anonymous party B, you can’t call

Read more ... source: TheBitcoinNews

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