US Government is Backing Research Projects in Hopes of De-Anonymizing Bitcoin Transactions

Sandia Research is being backed by the U.S. Government in the creation of a tool that will help law enforcement de anonymize bitcoin transactions.

Bitcoin is becoming all but mainstream these days, with more and more businesses and entities all over the world accepting bitcoin as a method of payment. People even work, and get paid in Bitcoin. With the gain in popularity, it’s no wonder that law enforcement would want to be able to link bitcoin transactions to a physical identity, rather than a stream of numbers and letters.  While Bitcoin is not very hard to use, it is extremely hard to fully understand the technology that drives this ever growing, ever expanding cryptocurrency.

Law enforcement is going to be setting its sights on more illegal operations, opposed to your everyday, law abiding citizen’s daily transactions.

Andrew Cox, lead researcher for Sandia said that the teams job is to understand how bitcoin works. He noted that the semi-anonymous currency could very well change the face of transactions for the benefit of the national economy.

In a blog posted by Sandia National Laboratories, Cox stated that, “It has been clear that criminals have been pioneers in using bitcoin. The use it for drugs, for

Read more ... source: TheBitcoinNews

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