How useful is blockchain?

How useful is blockchain?

Blockchain helps in the verification and traceability of multistep transactions needing verification and traceability. It can provide secure transactions, reduce compliance costs, and speed up data transfer processing. Blockchain technology can help contract management and audit the origin of a product.

We wanted to bring our readers to the attention of an extraordinary article on the takedown of child exploitation site Welcome to Video.

The article is a riveting account of the investigation and seizure.

“Over the previous few years, Janczewski, his partner Tigran Gambaryan, and a small group of investigators at a growing roster of three-letter American agencies had used this newfound technique, tracing a cryptocurrency that once seemed untraceable, to crack one criminal case after another on an unprecedented, epic scale. But those methods had never led them to a case quite like this one, in which the fate of so many people, victims and perpetrators alike, seemed to hang on the findings of this novel form of forensics. That morning’s search in the suburb near Atlanta was the first moment when those stakes became real for Janczewski. It was, as he would later put it, “a proof of concept.”

But, this line is really the key. Every crime is a financial crime, every case a financial investigation. Judge Zia Faruqui always uniquely understood this and approached every investigation this way: 

“Still, when the two agents showed Faruqui what they saw in the blockchain. The prosecutor was undeterred by their collective inexperience in the realm of child exploitation. As an attorney who focused on money-laundering cases. Moreover, he saw no reason why, with the evidence of criminal payments Janczewski and Gambaryan had handed him. As a result, they couldn’t approach Welcome to Video as, fundamentally, a financial investigation. “We’re going to treat this case like we would any other,” he said. “We are going to investigate this by following the money.”

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How useful is blockchain?