New partnership aims to clamp down on use of bitcoin for child porn

LONDON: London-based bitcoin start-up Elliptic and the Internet Watch Foundation, a charity that monitors online child sex abuse, will cooperate to clamp down on the use of bitcoin in online child pornography, Elliptic said on Wednesday.

Bitcoin ia a web-based digital currency that relies on complex cryptographic algorithms to move money around quickly and anonymously with no need for a central authority to process transactions.

That has made it attractive to a variety of users, including those who want to get around capital controls and those who support a currency that is free from government control for ideological reasons. But it has also attracted drug dealers, arms dealers, and the buyers and sellers of online child pornography.

The UK-based IWF, which aims to eliminate child pornography on the internet, has given Elliptic – which identifies illicit activity on bitcoin’s public ledger of transactions, the blockchain – a database of bitcoin addresses that it has associated with the pornography.

“This is the first time anybody has started identifying these crimes in bitcoin and flagging them up in a system like ours,” said Elliptic CEO James Smith. “This

Read more ... source: TheBitcoinNews

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