Introduction Launched in 2009, after the introduction of the first cryptocurrency, blockchain technology attracted more and more interest as the popularity of cryptocurrencies grew. Apart from the world of finance, blockchain technologies are increasingly being used in marketing, video games production and different other industries, allowing them to identify, store and process data. However, the first blockchain was implemented as the “public ledger for transactions using bitcoin”, and is still most commonly used in finances (ICAEW, n.d.). Blockchain technologies are extremely helpful in reducing the risk of crime-related financial transactions because they provide a decentralized, persistent, anonymous and auditable system. Analysis The main reason why so many companies have introduced blockchain technology is the fact that it provides them with better cybersecurity, unavailable in other technologies and databases. One of the most common financial crimes in global crypto markets is currently money laundering (Idmerit, 2019). Blockchain is an essential tool to reduce the risk of money laundering, mainly because the data stored in each framework is immutable, and only the members with permission can access it (Idmerit, 2019). Because of the way new blocks are connected to the previous ones, it is almost impossible to tamper with this system, which is decentralized because of the distributed network of its participating members. No one can edit or modify data within the blockchain: people can only append data entries after they have entered the system (ICAEW, n.d.). Thus, blockchain technology “prevents criminals from trying to mask their transactions” to avoid being detected (Idmerit, 2019, para. 4). Consequently, the technology makes it more difficult to evade the anti-money laundering process, damaging the reputation of the given organization. It is highly important for financial institutions to implement blockchain technologies, and a number of recommendations can be used to do that. Blockchain is often considered to be “the foundational technology for the future of risk management” (Deloitte, 2019, para. 2). The institutions can apply risk treatment strategies such as avoidance, mitigation, transfer and acceptance to implement this technology. First, the system allows removing the activities that increase the risk of the company’s data being accessed by criminals, therefore avoiding the risk situation. Second, within the blockchain framework, action is taken to minimize or eliminate the likelihood of the risk situation, as well as its consequences (Deloitte, 2019). Finally, all the parties within the blockchain system are responsible for the parts of or all of the blockchain (ICAEW, n.d.). Therefore, the likelihood and consequences of the risk situation are reduced by transferring a portion of it. All this enhances the security, traceability and transparency of the blockchain technology as well, which, in turn, will benefit the financial sector and other industries in the long run. Conclusion All this allows the conclusion that blockchain technologies are going to be the most efficient way to ensure security in financial transactions for years to come. This is because this system is transparent, available, immutable, and decentralized, and it can only be accessed by the participants who h