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Neosify - Buy, Stake & Earn Crypto

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Immutable Ledger Technology

Blockchain - Tracking Data 

One of the most promising applications of blockchain is in the tracking and management of projects, wallets, and contracts. In this article, we will discuss how blockchain ledgers are useful for tracking these items, and we will cite examples of criminal activities that have been uncovered by researchers using blockchain ledgers.

  • Transaction tracking

Tracking Projects with Blockchain Ledgers

Blockchain technology is ideal for tracking projects because it allows for the creation of a tamper-proof ledger of all project-related activities. Each activity is recorded on a block in the chain, which is secured using cryptographic algorithms. This makes it virtually impossible to alter or manipulate the data stored on the blockchain.

For example, the UN World Food Programme (WFP) is using blockchain technology to track the distribution of food aid to refugees. The WFP has created a blockchain ledger that records each food delivery, ensuring that aid reaches the intended recipients and reducing the risk of fraud and corruption.

Tracking Wallets with Blockchain Ledgers

Blockchain ledgers are also useful for tracking wallets, or digital wallets used to store cryptocurrencies such as Bitcoin. Blockchain technology provides a secure and transparent way to track transactions and balances across multiple wallets.

This is particularly useful for preventing fraudulent activity. For example, in 2014, the Mt. Gox cryptocurrency exchange was hacked, resulting in the theft of approximately 850,000 bitcoins. Using blockchain analysis, researchers were able to track the stolen bitcoins to a single wallet, which helped law enforcement officials to recover some of the stolen funds.

Wallet tracking is also a staple of researchers digging into CEX activities and fraudulent projects. With many research groups spread out over many different chains, ledger records are utterly more important than ever before.

From Binance Smart Chain, Ethereum and many other ledgers including Bitcoin, there are plenty of constant eyes watching the transaction space.

Furthermore, many of these research groups are independent from one another, but still share the same link to information and continuously update each other on findings, often enough crossing data streams of transactions with one anothers findings.

Tracking Contracts with Blockchain Ledgers

Blockchain technology can also be used to track contracts. By creating a blockchain ledger for a particular contract, all parties involved can track the progress of the contract, ensuring that all terms are being met and that there is no tampering with the document.

Smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code, are particularly useful in this regard. Smart contracts can automate contract enforcement and payment terms, reducing the risk of fraud and ensuring compliance with the terms of the agreement.

Criminal Activities Uncovered by Researchers Using Ledgers

Blockchain ledgers have also been useful for uncovering criminal activities. For example, in 2019, researchers from the blockchain analytics firm Chainalysis traced the funds associated with the WannaCry ransomware attack to a group of North Korean hackers. By analyzing the blockchain ledger associated with the ransomware payments, the researchers were able to track the flow of funds and identify the individuals responsible for the attack.

Similarly, in 2020, researchers from the blockchain analytics firm CipherTrace uncovered a massive fraud scheme involving the Chinese cryptocurrency exchange Wotoken. The researchers were able to trace the flow of funds through the blockchain ledger associated with the exchange, ultimately leading to the arrest of 27 individuals involved in the scheme.

Conclusion

Blockchain technology is an invaluable tool for tracking projects, wallets, and contracts. By providing a secure and transparent way to track data, blockchain technology reduces the risk of fraud and corruption, and ensures compliance with the terms of agreements. Additionally, blockchain ledgers have been useful for uncovering criminal activities, helping law enforcement officials to identify and prosecute those responsible for fraudulent or illegal activities. As blockchain technology continues to develop and evolve, it will undoubtedly have a profound impact on a wide range of practical uses in public transactions.

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Beta Syndicate Crypto Reviews
Beta Syndicate Crypto Reviews

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