The banking industry couldn’t simply stand around and allow ISIS and other deepweb-rooted characters to prance around willy-nilly making anonymous Bitcoin transactions to fund their drug-fueled enterprises of horror – not if they wanted to fully co-opt and divert the digital currency.
Just when it seemed the banking bigwigs would have to give up their dreams of a complete Bitcoin takeover, a new player enters the picture with the keys to Crytpo City.
Elliptic, a new start-up company in London, has just made a huge breakthrough discovery that should make banks way more interested in bitcoin. The company has built a new type of software that can identify the source of most every bitcoin transaction.
In a statement on Thursday, Elliptic’s CEO James Smith explained:
If digital currency is to take its legitimate place in the enterprise it inevitably must step out of the shadows of the dark web. Our technology allows us to trace historic and real-time flow, and represents the tipping point for enterprise adoption of bitcoin.
Elliptic says its tool can make a hugely accurate guess as to who each wallet belongs to, and it can do so in real-time. Using machine-learning, its software crunches through the dark web, skimming references to wallets and other digital clues to build up a picture of the owner.
This could bring about a huge boost to emerging alternative currencies like Navajo Coin (NAV) which has developed a decentralized anonymizing feature that is immune to forensic tools like Elliptic. Many experts believe that Bitcoin will eventually succumb to the hundreds of digital competitors pounding on its door.
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