BLOCKCHAIN AND CRIME PREVENTION STRATEGIES

Abstract

The Advancements in digital technologies created great opportunities, along with new opportunities for committing crimes therefore innovative ways to prevent crime have to be developed (“Entrepreneurship and Sustainability Issues,” 2024). Just as the Internet has transformed the way in which investigations are conducted, learning is delivered and information is shared, so blockchain has the potential to impact on policing and criminal justice in the same way, if not more dramatically. (Watters, 2023). Blockchain networks- the backbone of cryptocurrencies, are not just that anymore! But the communication options and transparency and security provided by the technology can also be turned against good intentions and used by nefarious actors – this represents new problems for law enforcement and regulators (Akçora et al., 2020; Botha et al., 2023).White-Collar crimes, that which is committed to gain financial advantages through criminal activities, are widespread and there is a rising demand of hi-tech measures (Patmanathan et al., 2023).Because of its decentralized and unchangeable nature, blockchain allows for some unique mechanisms to improve financial payment transparency, traceability, and accountability, which in turn can be useful in nipping and tracking down financial fraud (Hossain, 2023).With the increasing use of blockchain technology in India, it is vital to understand the opportunities and challenges of applying this technology in the Indian context. Regulatory ambiguity as cryptocurrencies and blockchain technology is concerned in India is the challenge for its mass adoption and proper regulation (Astrakhantseva et al., 2021).