A degree of trust between parties is required in legal
transactions. However, if an immutable record of data existed, we
could eliminate this dependency on others. Blockchain technology
aims to do just that by using a decentralised network. With no
central authority, it is incredibly difficult to alter the data
inside a ledger. A user would have to control over half of the
platform to create a consensus. This fundamental principle leads to
a secure system. As a result, certain industries are moving their
processes over to this new technology, particularly those that
require a greater degree of trust.
Combating Money Laundering
The global money laundering industry is thriving and is
estimated to amount to up to $2 trillion per year. In 2012, HSBC
Bank was fined $1.9 billion for violations of anti-money laundering
regulations in Mexico. Two years later, the French bank BNP was
charged $8.9 billion dollars for concealing over $190 billion in
transactions for clients
