Elliptic: A Start-Up To Provide Solution For Bitcoin’s Problems
Bitcoin, a digital currency known for its assurances about anonymity and no government regulations is being misused for notorious activities. London-based start-up Elliptic recently teamed up with the International Watch Foundation (IWF), a foundation which monitors online child abuse to look into and solve the problem involving the bitcoin’s role in the increasing spread of child porn.
IWF CEO Susie Hargreaves released a press statement saying “Over the past few years, an increase in the amount of bitcoin activity related to the purchase of child sexual abuse material online has been observed.” With the IWF also identifying over 68,000 URLs which were associated with child sexual abuse material.
Elliptic will be helping the IWF by identifying different forms of illicit activities happening on the blockchain of Bitcoin, the public ledger which is public and shared with all the users so that they can easily track their transaction information and keep track of it. These illicit activities can be of any form, like drug purchases, buying or selling child porn and other illegal activities. These illicit activities will be flagged for law enforcement agencies and financial institutions so that they can be notified for taking action.
IWF will be providing the bitcoin’s database to Elliptic so that they can check all the bitcoin addresses which are associated with child pornography in any way.
Bitcoin relies heavily on algorithms for moving the money quickly and anonymously which makes Bitcoin great for small business transactions and micro-payments. Hackers and criminals tend to find Bitcoin’s properties of decentralized international value transfer to be quite appealing, which makes it a huge target for hacks. This also makes it quite appealing to hackers and criminals. Bitcoin has also attracted drug dealers and arms dealers to use Bitcoin as the platform for selling and purchasing of illegal goods.
But now with the help of Elliptic, the criminals can be caught and the customers can be made aware whenever someone else is attempting to use their systems for transactions.