Most of the internet today, known as Web2, is owned by companies. They control the majority of websites, data and profits. But many experts believe that the blockchain is enabling a revolution toward Web3: a decentralized internet owned by individuals and communities of users, in which they will control their data, content, privacy and profits.
While this sounds like a utopia for content creators and grassroots investors, it also creates an opportunity for criminals and terrorists to exploit an unregulated, anonymous and decentralized landscape. Despite the recent volatility in the cryptocurrency market, which has seen the value of numerous cryptocurrencies decline sharply, most experts agree that blockchain technologies and cryptocurrencies are here to stay, and mainstream adoption will continue to expand. Here’s what law enforcement and security organizations need to know to protect the public.
What is the blockchain?
The foundational technology of Web3 is the blockchain, a distributed public ledger that records information, including cryptocurrency transactions, non-fungible token (NFTs) and smart contracts. Information is maintained using a network of decentralized nodes, which require a consensus to add new records.
Every blockchain transaction and its associated metadata is recorded on the public ledger with the information being publicly available, but the identities of transaction makers are anonymous. The anonymous and unregulated nature of the blockchain and the applications of its technologies invite a variety of illicit activity.
Continue reading: https://www.gcn.com/emerging-tech/2022/08/what-web3-and-blockchain-revolution-mean-law-enforcement/376041/
While this sounds like a utopia for content creators and grassroots investors, it also creates an opportunity for criminals and terrorists to exploit an unregulated, anonymous and decentralized landscape. Despite the recent volatility in the cryptocurrency market, which has seen the value of numerous cryptocurrencies decline sharply, most experts agree that blockchain technologies and cryptocurrencies are here to stay, and mainstream adoption will continue to expand. Here’s what law enforcement and security organizations need to know to protect the public.
What is the blockchain?
The foundational technology of Web3 is the blockchain, a distributed public ledger that records information, including cryptocurrency transactions, non-fungible token (NFTs) and smart contracts. Information is maintained using a network of decentralized nodes, which require a consensus to add new records.
Every blockchain transaction and its associated metadata is recorded on the public ledger with the information being publicly available, but the identities of transaction makers are anonymous. The anonymous and unregulated nature of the blockchain and the applications of its technologies invite a variety of illicit activity.
Continue reading: https://www.gcn.com/emerging-tech/2022/08/what-web3-and-blockchain-revolution-mean-law-enforcement/376041/
