[Event] Cryptocurrency Regulation: What It Means for eDiscovery Professionals Join the ACEDS UK Chapter for a free in-person presentation at. Blockchain technology creates a distributed chronological ledger of transactions; this permanent record may affect record retention and ediscovery. Cryptocurrency is a digital form of currency that exists outside of centralized authority which is also known as decentralized finance (DeFi). CRYPTOCURRENCY SHARES
Generally, cryptocurrency transactions are recorded in a public ledger referred to as the blockchain: every time a transaction is conducted, it is submitted across the network where peers of the network confirm and validate the transaction. After validating a transaction, a peer places it within a block containing hundreds of other validated transactions.
New blocks are created on a schedule and appended onto the end of the ledger, hence the name blockchain. Cryptocurrency challenges in eDiscovery and litigation Cryptocurrencies that rely on anonymity pose a challenge in any litigation, but there may be methods for litigators to attain discoverable evidence. As to the unregulated and decentralised nature of cryptocurrencies, there are several regulatory and legal issues that arise.
One such challenge that eDiscovery can assist with, is the pseudonymous nature of their use, and the methods that can be used to attribute a wallet, address or other indicators of cryptocurrency to an individual. Due to the perceived anonymity, cryptocurrencies have become the ideal technology for money laundering and fraudulent activities. How can individuals be identified for litigation purposes?
Blockchain Technology: The Bane of eDiscovery Cryptocurrency is becoming a mainstream part of the global financial system and thus, will play a significant role in future legal proceedings. More discoverable ESI will be created for cases and investigations as more people buy Bitcoin, Ethereum and other types of cryptocurrencies.
Part of what makes cryptocurrency a desired transaction platform is the anonymity and security users are awarded. Most cryptocurrencies use blockchain technology, a digital ledger network, to create a protected, public transaction record that cannot be tampered with by any user. Legal professionals will need to prepare for additional resources when it comes to accessing relevant files for cases involving cryptocurrency and blockchain technology.
Leveraging AI-powered solutions will be monumental in decoding anonymous profiles and transactions. A Changing Landscape Blockchain technology and data volume are among the largest contributors forcing change to eDiscovery software. We will undoubtedly see more challenges as we progress through and beyond. At Venio, we develop world class blogs, webinars, whitepapers, and software to help you master the legal technology industry and simplify this otherwise complex journey.
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Legal professionals are aware of what blockchain is and may even use this technology for some business functions like smart contracts or payment for services via cryptocurrency. However, blockchain is still evolving and there are many unknowns about how this technology operates and what role it will play in both the legal industry and general business.
Blockchain — The Basics Blockchain is a complex type of distributed ledger technology that the legal industry is still learning about. A few important distinguishing features include: Users can record transactions over a distributed network that is very secure. Identities of the individuals involved in a transaction are not disclosed.
The network can be either public or private. The transactions are permanent. The blockchain also creates a recorded transaction history that users can access, but never alter. Third-party facilitators are unnecessary. An established protocol instructs computers on the network about when a transaction is verified and should be added to the ledger.
This is commonly referred to as mining and is the only way a transaction can become a permanent part of the blockchain. All of these features make blockchain appealing to individuals wanting to carry out secure transactions where asset ownership is permanently recorded without the need for a bank. It will only continue to gain popularity and continue to branch out to other areas besides virtual currency.
Especially if smart contracts gain more acceptance, legal departments will start to see increasing exposure to blockchain technology with their corporate clients. Predicted eDiscovery Implications Just as with any emerging data source, litigators need to be ready for collection and review hurdles that blockchain could impose. As more businesses utilize blockchain, it will pop up as discoverable electronically stored information ESI in cases and investigations.
In order to prepare for this, legal departments should anticipate potential challenges, develop new protocols, and keep informed on new blockchain developments. Being able to advise corporate clients about what to be mindful of when deploying or encountering blockchain technology and accounting for this in information governance plans will limit eDiscovery issues in the future. The first step is to anticipate what will be easy and what will be challenging when dealing with blockchain as a source of ESI during litigation.
Blockchain data contains several features that are attractive to litigators. Learn how criminal elements can accumulate, exchange, swap, lend, and borrow cryptocurrency assets while bypassing KYC. Learn a variety of crypto and blockchain opens source intelligence tools. Learn how to seize cryptocurrency assets.
Learn how and where criminals hide cryptocurrency assets. Learn how to find cryptocurrency assets during a search. Learn how to create offline wallets. Learn what the non-custodial Web is and how it uses blockchain technology, crypto assets, and p2p. Learn how domestic and international terror groups can use the blockchain and cryptocurrency assets during fundraising operations.
Learn how criminals using cryptocurrency during their Money Laundering and drug trafficking efforts.
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