There are many prejudices, misreportings and misunderstandings when it comes to the topic of blockchain. The technology offers enormous potential. So that everyone can benefit from it and the technology and its possibilities become more tangible, we clear up the prejudices.

No. 4
Blockchain supports crime.

Blockchain is a technology that does not require intermediaries. Digital currencies based on it enable anonymous monetary transactions. The assumption is that drug or human traffickers, smugglers of weapons or terrorists can profit from these transactions.

On closer inspection, however, it becomes clear that the anonymous transaction is not suitable for criminal use, as every flow of money can be tracked seamlessly in the blockchain. Only a single connection to the identity is necessary, for example when changing digital currency into euros, and all previous transactions on the blockchain can be assigned to the respective person. Many criminals have been caught in this way in recent years.

So, once again, it is digital currencies – especially BitCoin – that are causing misunderstandings here, and the statement that blockchain technology supports crime is wrong.

In the end, this statement applies to all other technologies as well. There is a reason why there are white hats and black hats in IT security. You can use cryptographic techniques and algorithms to secure systems and data, or to look for security gaps for targeted data theft. You can use AI to assist with complex operations, or to spy on people. Technologies offer new opportunities and potential. What they are used for is decided by the human being.