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