Blockchain and fraud detection

An Association of Certified Theft Examiners study found that theft costs the average business 5% of its annual income. In a company, fraud can persist for a long time before anyone notices and can therefore be hard to detect. Blockchain technology uses end-to-end encryption which can not only store data in a secure, immutable manner, but can offer greater transparency and so help build greater levels of trust. Furthermore, since data on a blockchain is kept in a decentralised manner it makes it harder to hack - unlike typically traditional computer systems that store data on centralised servers. Blockchain-powered platforms are also better at handling privacy issues than the standard computer systems because they can both make data anonymous and limit access. Any transactions saved on a blockchain cannot typically be erased or changed, therefore caution is required since you would not necessarily wish to input personal or sensitive data. Additionally, before a “block” of transactions …