Bitcoin is No Good for Illicit Activity And Here's Why... Blockchain's Covid Solution?

Written by:
Aaron Goldstein
Published on:

“Bitcoin is incredibly simple to freeze,” says Dr. Craig Wright, meaning it “will never be a good system for illicit markets.”

At the heart of Dr. Wright’s argument is the role of transaction processors (formerly known as “miners”) and processing pools. All nodes, he wrote, are processors.

“Nodes enforce rules. A court order is a rule. Honest nodes reject blocks that don’t enforce the rules,” he said.

Illicit activity, such as stolen Bitcoins or those involved somehow in a crime, could be subject to a freezing order issued by a court (or other legal authority) and enforced by transaction processing nodes. This freezing order could also go to other entities in the Bitcoin ecosystem, such as exchanges, wallets, data services—who would act to protect their own assets.

Solutions backed by blockchain technology are expected to provide aid because it features decentralization, data transparency, and robustness as well as helping to secure management of health records, without any compromises with privacy and security.

Many point to the need for anonymity and privacy. 

A blockchain surveillance system will let local and authorized agencies access the data meant for supervision. It will inform and give access to authorized agencies about the people residing in their concerned areas. This is to ensure effective monitoring. Since blockchain is decentralized, there arises no question about data insecurity and privacy leakage.

- Aaron Goldstein,


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