Blockchain technology is a powerful tool for innovation. Cryptocurrencies, which are the most famous use of blockchain, allow you to carry out quick and inexpensive transfer of funds, expand access to financial services and even introduce new methods support of charitable initiatives through transparent and checked donations.
As in the case of many new technologies, the attackers found ways to use the same cryptocurrency features that make them useful. For example, North Korean hackers use a decentralized and pseudonymous nature of digital currencies for obtaining revenues, money laundering, bypassing sanctions and other illegal operations.
Many believe that blockchain-based transactions are outside the control of state bodies, since they are carried out outside the inspection and observation system traditional financial institutions. However, in fact, the opposite is true. National Security and Law enforcement agencies around the world use technologies of blockchain analytics to track and suppress illegal flows, which used to seem impossible.
What is blockchain analytics?
Blockchain analytics includes the binding of cryptocurrency addresses consisting of random sequences of symbols, with real organizations or people with a certain level of confidence.
Companies engaged in blockchain analytics, combine blockchain data with additional information, such as open sources or intelligence data to create highly reliable information connecting certain addresses with real objects, such as cryptocurrency exchanges or CyberPreeps. Organizations. Further, data analysis methods are used for further attribution of information on a scale.
The result is a huge database that security experts can use to identify patterns in criminal activity, connect these patterns with real objects and create a complete understanding of their activities over time.