June 2018
Intermediate to advanced
320 pages
8h 14m
English
Content preview from Investigating Cryptocurrencies
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CHAPTER 3Understanding the Blockchain
As I discussed in Chapter 1, “What Is a Cryptocurrency?” the blockchain is not a specific type of software or installation, but rather a concept of recording contracts and transactions in a ledger that is distributed across many nodes on a network. It is easy to think of the blockchain in terms of a specific product such as Bitcoin or the many alternative coins or other startups that are beginning to use it to provide data security and proof of accuracy of data. Although in the short term, most investigations that an analyst will be presented with will be connected to online currency investigations, it is extremely likely that blockchain contracts and so-called ICOs (initial coin offerings) will make their way into cyber labs across the world.
It is also important for a detective to be able to explain the concepts when asked. I've often seen investigators made to look foolish and their competency called into question because they couldn't explain the fundamentals of a concept that they are being asked to give evidence about.
Understanding the blockchain in a conceptual way can also help an analyst better comprehend how criminals might leverage the technology to either facilitate a crime or hide their activities. This could be illegal purchasing, money laundering, or carrying out a fraud of some type—which can all be achieved on a blockchain system. When you understand the technology, you can better make the connection to understanding and ...
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