Business Advisory Firm Expects Criminal Cryptocurrency Transactions to Fall by 30% by 2024 – Security Bitcoin News

Gartner, an advisory group, predicts that the number of criminal cryptocurrency transfers and transactions will decline by 30% in 2024. This will be due to factors such as transparency in blockchain and the democraticization of fraud prevention instruments.

Blockchain Transparency

Despite the surge in the value of crypto-related crimes recorded in the past year, Gartner, a business advisory firm, predicts that “successful cryptocurrency thefts and ransomware payments will drop by 30%” in two years’ time. According to Gartner, such a drop will stem from “criminals’ inability to move and spend funds off-blockchain networks.”

In an article published on the firm’s blog, Gartner explains that this prediction is predicated on four main factors and one of such factors is the transparency of blockchains which renders them less than ideal for bad actors. The blog article explains why transparency is important.

Contrary what popular belief says, crypto currencies aren’t a safe haven for criminals. In fact, armed with smart analytics, it’s easier to follow money trails on blockchains than it is on legacy payment networks, however a circuitous route they may take.

To illustrate this point, the article refers to the 23 blockchains which it says “make up approximately 99% of all blockchains’ market cap.” According to Gartner, it is easier to integrate the so-called anti-blockchain-fraud systems with the 23 blockchains than with thousands of enterprise systems and payment networks.

Although the turning of blockchain metadata into useful information might prove challenging, the advisory firm’s article concludes that when this is done properly it gives those going after criminals the ability to flag suspect payments and addresses.

The Democratization and Prevention of Fraud

According to Gartner’s blog, another factor that will help to decrease crypto crime is the decentralization of fraud prevention tools currently used by Blockchain intelligence companies.

The fact that the majority of blockchain-related transactions are handled by regulated virtual asset services providers (VASPs) means criminals will be more inclined to move ill-gotten money through legacy payment networks and opaquely than through the blockchain.

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Terence Zimwara

Terence Zimwara was a Zimbabwe award-winning journalist and author. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

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