The true value for any technology is dependent on its use cases and applications. Same is the case for blockchain technology which is supported, criticized, argued and discussed by many. Some are even of the view that it is overhyped but still it does offer use cases. To confirm whether blockchain is either overhyped or utilitarian, BlockPublisher broached the matter on the platform of Qwoted. Shone Anstey, Executive Chairman and co-founder at Blockchain Intelligence Group, responded to BlockPublisher with his take on the matter. While stating a use case for blockchain, he said:
Blockchain use will help to reduce fraud and will provides tools to close in on scammers.
He further elaborated:
It is true that fraudulent individuals can easily register a company, make a website and release what seems to be an official-looking paper, convincing investors and consumers that this is legitimate – even after they participate in an exit scam. Though, better coordination between authorities such as regulators, law enforcement agencies, banks and large online retailers will go a long way in resolving current difficulties.
Furthermore, he provided the insights of his products that assisted the authorities to tackle the scammers. He explained:
We have two products, QLUE and BitRank, that can help authorities track the scammers. QLUE’s advanced proprietary search algorithms assist law enforcement to track and investigate suspicious and illegal activity so that they can successfully prosecute these scammers.
BitRank is a proprietary ‘risk-scoring’ tool that investors can use for risk mitigation so users can try and check if ICO wallet address they are sending funds to has been used by a criminal element before a transaction takes place. BitRank also puts the past crimes of the company upfront, further exploiting whether they are an exit scammer or not.
Blockchain technology is fighting its way to get to the top. While different experts hold different thoughts for blockchain, Shone’s perspective, blockchain is suited to reduce fraudulent activities, adds value to the integrity of blockchain technology.