Blockchain’s double-edged sword: thematic review of illegal activities using blockchain

Abstract

Purpose The purpose of this research paper is to review and synthesize the role of blockchain technology (BCT) in various types of illegal activities, including but not limited to fraud, money laundering, ransomware attacks, firearms, drug tracking, cyberattacks, identity theft and scams. Design/methodology/approach The authors conducted a review of studies related to illegal activities using blockchain from 2015 to 2023. Next, a thematic review of the literature was performed to see how these illegal activities were conducted using BCT. Findings Through this study, the authors identify the relevant themes that highlight the major illegal activities performed using BCT, its possible steps for prevention and the opportunities for future developments. Finally, the authors provide suggestions for future research using the theory, context and method framework. Originality/value No other research has synthesized the illegal activities using BCT through a thematic approach to the best of the authors’ knowledge. Hence, this study will act as a starting point for future research for academic and technical practitioners in this area.