As cryptocurrencies grow, so does the demand to track their users
If bitcoin is a roller coaster ride with dizzying heights and rapid drops, one thing is clear: The original cryptocurrency carnival keeps attracting new riders. The price is up, trade volume is rising and new money buys in daily. As a result, the business of bitcoin surveillance is booming. Governments are just barely coming to terms with how bitcoin works, but they want track newer cryptocurrencies like Monero and Zcash that were designed for anonymity beyond what’s available with bitcoin. Elliptic, a United Kingdom-based financial technology startup, launched with one basic goal: Trace bitcoins, identify illegal activity and sell ongoing visibility to governments and private companies to track the currency’s movement. This is possible because bitcoin is inherently transparent, with every unique transaction published on a public ledger, known as the blockchain, that anyone can access. Successfully analyzing the blockchain has become big business. Police use Elliptic’s technology to investigate crime. […]
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