US Govt Backed Research Develops Bitcoin ‘De-Anonymization’ Tool

US Govt Backed Research Develops Bitcoin ‘De-Anonymization’ Tool

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The U.S. Department of Homeland Security (DHS) Science and Technology (ST) directorate is backing Sandia research with the creation of an analysis tool designed to overcome bitcoin challenges to assist law enforcement.

As bitcoin becomes an increasingly accepted form of payment in our day-to-day lives, law enforcement are realizing that they need to utilize innovative approaches that will aid them in their money-laundering and cyber theft investigations. However, their number one priority is to reduce the time spent on tracking illegal operations.

According to lead researcher for Sandia, Andrew Cox, the team’s job is to understand how the digital currency works. While he points out that the semi-anonymous currency can potentially change the way transactions are undertaken for the betterment of the economy, the use of the cryptocurrency is still being used by criminals.

In a Sandia National Laboratories blog , he said:

It has been clear that criminals have been pioneers in using bitcoin. They use it for drugs, for guns, child pornography, and all sorts of terrible stuff.

This is why Sandia have conducted their research for the DHS. It is

Read more ... source: TheBitcoinNews

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