Shield of White-Collar Crime Through the Intervention of AI, IoT and Blockchain
Kanika Singh, Rajesh Bahuguna, Shweta Pandey, Rajesh Singh, Vikrant Pachouri, Gunjan Chhabra · 2023
White collar crime, such as fraud, embezzlement, and insider trading, often goes undetected and unpunished, creating a perception of impunity and undermining public trust in institutions. These crimes can result in financial losses, harm to reputation, and contribute to economic instability. Despite this, there is limited research on the use of Industry 4.0 technologies, such as the Internet of Things, Blockchain, and Artificial Intelligence, to prevent white collar crime. This study aims to address the gap by examining the challenges of development and application of IoT, AI and Blockchain technologies by the governmental agencies. Specifically, the study suggests that IoT and AI can be used to develop robust, generalizable models for detecting and preventing white collar crime, and that security and privacy measures must be implemented to protect the data collected from IoT devices and prevent misuse of personal data.