Elliptic to Police Bitcoin for Child Pornography Transactions

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term intelligence firm Elliptic has partnered with the non-profit Internet Watch Foundation (IWF) to monitor and curb the use of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term in transactions involving child pornography. Elliptic already works with the largest US and European Bitcoin exchanges and payment processors, and helps law enforcement agencies gather evidence in investigations involving Bitcoin.

In practical terms, the foundation has provided its database of Bitcoin addresses associated with child pornography to Elliptic which will integrate it into its transaction monitoring and investigation products. From now on any system that uses Elliptic services will automatically alert financial institutions and criminal authorities to any wallets that were involved in this illicit trade.

Susie Hargreaves, IWF CEO, said: “Over the past few years, we have seen an increasing amount of Bitcoin activity connected to purchasing child sexual abuse material online. Our new partnership with Elliptic is imperative to helping us tackle this criminal use of Bitcoin.”

Mark Birch, former Detective Chief Superintendent, National ROCU lead for Intelligence, said: “Elliptic and IWF’s partnership represents a major step forward in Bitcoin’s evolution. Elliptic has demonstrated to banks, law enforcement and the public at large that they are taking meaningful steps to eliminate the illicit use of Bitcoin. They have set an important precedent for Bitcoin companies worldwide to fight crime.”

Elliptic CEO and co-founder Dr. James Smith said: “We have a profound respect for the critical and difficult work that IWF undertakes. We are proud to take a leadership role in combating Bitcoin’s use to facilitate these terrible crimes. In a world’s first, Elliptic’s clients can now automatically monitor all transactions for any connection to proceeds of child sex abuse.”

Back in March Elliptic secured a $5 million investment from Santander and others empower banks and law enforcement agencies to monitor bitcoin transactions. The funding round was led by Paladin Capital Group, a private equity firm headquartered in Washington DC, focusing on disruptive technologies with security applications, which is headed by an ex-NSA (U.S National Security Agency) director.