Tag Archives: blockchain technology

Blockchain’s Role in Blocking Fraud

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Blockchain technology has gained traction across the U.S. government as a practical tool for multiple diverse purposes. From streamlining procurement to preventing fraud, agencies are increasingly exploring how blockchain can enhance transparency, security, and efficiency in federal operations. However, with innovation comes risk. The government is also looking into how to ensure the technology is not misused to conceal illicit activity, commit fraud, or obscure accountability.

Fraud Prevention

Since every transaction in a blockchain is recorded permanently, malicious actions are traceable, which increases accountability. Each transaction is unique and chronologically linked, meaning a record cannot be copied, altered, or duplicated without triggering detection. This level of traceability allows governments to confirm that payments are going to the intended recipients. For foreign aid, payments can be tracked not just to the intended country but as they continue on from there. In terms of domestic benefits, blockchain can verify the identities of welfare recipients, while simultaneously confirming their eligibility. Continue reading →

Building Blockchain in Government

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Use of blockchain is steadily rising across government as a secure, transparent, and cost-effective way to track the movement of goods, services, and data. From 2020 to 2023, government spending on blockchain more than doubled. In fact, spending may be even higher as blockchain may be used as part of other solutions, like the cloud, so spending on it is buried in larger technology procurements. Additionally, more and more procurements are specifying the need for blockchain expertise.

Blockchain in Government Today

Blockchain is being used to meet a wide variety of key government challenges, from combating fraud to reducing spending waste to improving the transparency of government services. The IRS is using blockchain data analytics to track down transactions and confirm their legitimacy. The Air Force is looking at it as a key component to drive predictive maintenance. The Defense Threat Reduction Agency is exploring how blockchain can secure systems against quantum computing threats to modern encryption. Continue reading →

Building the Case for Digital Evidence

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Every crime has digital evidence, whether it's a suspect's cell phone, a witness's cell phone video, camera footage from a doorbell, a fitness tracker, or data from any number of IoT devices and sensors. This wealth of digital data is both an asset and a challenge for law enforcement. Six out of ten professionals now rank digital evidence as more important than DNA evidence. However, the sheer volume of digital evidence--the average device holds 60,000+ messages, 32,000+ images, and 1,000+ videos--provides challenges for understaffed teams that often rely on manual processes to review these valuable assets.

As digital evidence continues to grow in volume and importance, law enforcement agencies across the nation are looking for ways to more efficiently review, manage, and secure this critical asset. Continue reading →

Defining the Value of Digital Assets

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Digital assets are more than just bitcoin and they are having an incredible impact on how legitimate and illegitimate transactions are conducted. Breaking it down to a simple level there are three basic forms of digital assets:

  • Digital currency is the electronic form of traditional currency. It is what is stored in a digital wallet, transmitted electronically and then turned into actual cash when withdrawn from a bank or ATM.
  • Cryptocurrency is the encrypted form of digital currency that uses blockchain technology to move it around. Cryptocurrency does not require a financial institution to verify the transaction.
  • Non-fungible tokens (NFTs) are a one-of-a-kind digital asset that represents a real-world item such as photos, music, videos and trading cards.

Unfortunately, as with any new technology, bad actors are finding ways to exploit these assets while the rest of the world is still trying to fully understand them. Continue reading →