Abuses of Blockchain and Cryptocurrency in Dark Web and How to Regulate Them

EasyChair Preprint no. 4995

Abstract

The blockchain technology is a distributed ledger system where it is distributed among the users who does the transactions using this technique, it first came in trend after the sudden rise in the value of bitcoin in 2017 and then people get to know about this blockchain system and its working, it provides anonymity and security both to the user and that is why crypto currencies like Bitcoin and now Monero are using the blockchain method to ensure the safe, secure and untraceable transactions. Anonymity and security are like two edges of the same sword, they can be used for the great purposes like protecting the privacy of people, fostering, freedom of speech etc on the other hand they can be misused for the illegal activities happening over the internet like cyber terrorism and perpetrators often go unaccounted for their acts. Where there are many qualities of blockchains there are also some downsides too, because of increased security and anonymity it worked as a fuel for the dark web users to illicit transactions and do the illegal activities on the dark web. In this paper we have shown what are the downsides of blockchain, how the transaction happen on the dark web happens and how we can regulate and track the illegal activities on the dark web using regulated and sovereign backed crypto currencies.

Keyphrases: Cryptocurrency, Dark Web, RSBC

@Booklet{EasyChair:4995,
  author = {Shiv Hari Tewari},
  title = {Abuses of Blockchain and Cryptocurrency in Dark Web and How to Regulate Them},
  howpublished = {EasyChair Preprint no. 4995},

  year = {EasyChair, 2021}}