Interception of malicious transactions : detection and prevention are better than cure

Abstract

Blockchain technology is a powerful technology that provides the necessary functionality, security, anonymity, resilience, and trust, in a business relationship. This is all done in a decentralised environment, eliminating the need for an external third-party confirmation and endorsement of the relationship. This technology was and still is ideal to exchange currencies without the extra costs involved due to the participation of a controlling centralised entity and is also ideal to automate other trade relationships and business contracts. Unfortunately, the technology has been closely associated with the criminal world, as a convenient financial mechanism that will easily dodge the law enforcement radar. This fact has shied away nations and legitimate organisations from the use of the technology. The primary objective of this research was to propose an advanced system that fortifies technology by proficiently detecting and preventing criminal-related transactions from succeeding. Through meticulous analysis, the study successfully demonstrated the practicality and effectiveness of implementing a malicious transaction detection and prevention system at the core of the blockchain. The achievements of this system are expected to significantly bolster confidence among governments, institutions, organizations, and individuals, fostering greater trust in the technology’s capabilities. By effectively addressing security concerns and ensuring the integrity of transactions, blockchain technology can be embraced more wholeheartedly, leading to widespread and responsible adoption across diverse sectors. This, in turn, will pave the way for a safer and more reliable digital future.