Bitcoin has typically been associated with criminal activity, as the anonymous nature of transactions allowed illegal dealings to be practically untraceable without any money trail. While the underlying blockchain technology has gained a better reputation for possibly transforming several industries, its smart contracts might be vulnerable to criminal use as well.
This has been explored by an article on the MIT Technology Review website, tackling the issue of how criminals could also tap into this blockchain technology. Blockchain refers to the public ledger of bitcoin transactions, which is verified and updated by a network of computers solving complex algorithms to add a block to the code.
Blockchain and Criminals
Blockchain has drawn the attention of several financial institutions and large companies for its potential applications on record-keeping and smart contracts. Instead of relying on records that are stored on servers that can be easily hacked, the use of a distributed ledger could make the storage more secure and verification more efficient.
In particular, online retail giant Overstock has explored the use of blockchain in financial settlement by creating a