Crypto Training for the Federal Department of Justice Part 2

Training the DOJ - the 3 terms you should know

Last week, I recently trained the Federal Department of Justice (DOJ) on crypto and digital asset forensics. Here are the three topics we covered and what you can take away from them:

What is blockchain?

At its most basic level, a blockchain is a digital ledger of transactions that is distributed across a network of computers. This means that instead of being stored in a single location, the ledger is replicated across the network, so that everyone on the network has access to the same information.

Each block in the chain contains a record of multiple transactions, and?once data is recorded on a block, it cannot be altered.?This is because each block is connected to the previous block through a cryptographic hash, which acts as a unique identifier.

If someone tried to alter the data on a block, it would change the hash, which would then cause the block to be rejected by the network because it would no longer match the other blocks in the chain.

This distributed and secure nature of blockchain makes it a useful technology for storing and transferring sensitive data, such as financial information or digital assets like cryptocurrencies. Because the data is distributed and encrypted, it is very difficult to tamper with or alter, which makes it a secure and transparent way to track and verify transactions.

In short, blockchain is a technology that allows for secure and transparent record-keeping and data transfer, and it has many potential uses in a variety of industries.

What is cryptocurrency?

Cryptocurrencies are digital or virtual currencies that use cryptography for security and are generally decentralized. This means that they are not controlled by any single entity, such as a government or a central bank, although experiments with CBDC (Central Bank Digital Currencies) are being conducted.

Instead, they are supported by a network of users who use their computers to verify transactions and add them to the public ledger, known as the blockchain.

Cryptocurrencies use a variety of technologies to secure and verify transactions, and to?prevent the double-spending of funds. These technologies include cryptography, peer-to-peer networking, and proof-of-work systems.

Cryptocurrency transactions are generally fast and cheap, making them attractive for a variety of uses. They are often used for online transactions, such as buying and selling goods and services, or for sending money to other people. Some people also use cryptocurrencies as an investment, buying them in the hopes that their value will increase over time.

While cryptocurrencies have the potential to offer many benefits, they also come with some risks. For example, the value of cryptocurrencies can be extremely volatile, and they are not backed by any government or other central authority. Additionally, the lack of regulation in the cryptocurrency market can make it vulnerable to fraud and other types of criminal activity.

What are non-fungible tokens (NFTs)?

NFTs, or non-fungible tokens, are a type of digital asset that represents a unique item or object. Unlike other cryptocurrencies, which are interchangeable and have the same value,?each NFT is unique and cannot be replicated or replaced. This makes them useful for representing things like digital art, collectible items, and other one-of-a-kind digital assets.

NFTs are built on top of blockchain technology, which provides a secure and transparent way to verify the uniqueness and ownership of digital assets. Because each NFT is a unique token on the blockchain, it can be bought, sold, and traded like any other asset.

This allows creators of digital art and other unique items to sell their work directly to collectors and fans, without the need for intermediaries.

Bonus: Digital Asset Forensics - three features

1.) Public blockchains are auditable

Anyone can research transactions from one wallet to another, including the origin of an asset (provenance).

2.) Block explorers account for all transactions

Etherscan (for the Ethereum blockchain) and blockchain.com (for the Bitcoin blockchain) show real-time and all-time history.

3.) Digital asset ownership can be proven

Someone holding a digital asset in their wallet can sign a transaction request, thereby proving ownership.

Would you like a training session for your organization?

Whenever you’re ready, there are 2 ways I can help you

1.) I can give a presentation for your company, conference or event, educating on crypto topics.

I average about a half-dozen presentations on all things Web3 per month, and would love to help you.

Just?shoot me a LinkedIn message and let me know the topic(s) you’d like to learn .

2.) Be sure you subscribe to this free weekly newsletter on LinkedIn. If you haven't, scroll to the top of this article, and just click "subscribe."

Thanks for reading! - Spence - spencerXsmith.eth

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