Abstract

The blockchain technology operates as a distributed ledger system, where users engage in transactions utilizing this method. It gained popularity following the sudden surge in the value of bitcoin in 2017, which led to widespread awareness of blockchain and its functioning. This technology offers both anonymity and security to users, making it attractive for cryptocurrencies like Bitcoin and the more recent Monero, as it ensures secure, untraceable transactions. Anonymity and security can serve beneficial purposes, such as protecting individuals’ privacy and fostering freedom of speech. However, they can also be exploited for illicit activities, including cyber terrorism, where the perpetrators often evade accountability. While blockchains possess numerous positive qualities, they also have downsides. The heightened security and anonymity they provide have fueled illegal transactions and activities on the dark web. In this review paper, we explore the research conducted on the dark web and cryptocurrencies. We highlight the drawbacks of blockchain, the process of transactions on the dark web, and propose regulatory measures and the use of government-backed cryptocurrencies to monitor and curb illegal activities on the dark web.

Keywords: Dark Web, Blockchain, Cryptocurrency, Regulation, Illicit activities, Anonymous transactions, RSBCs