The advantages and disadvantages of the anonymity implicit in many of the transactions with cryptomoney have been discussed for years. However, one of the most controversial countries is the United States, especially now that the military wants to track transactions with crypto currencies.
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What is this initiative to track cryptosystems generating with an application?
It was recently revealed that the U.S. Army’s Criminal Investigation Command (USACIDC) is looking for an application that will allow them to track crypto currency transactions.
According to public records, the U.S. military is seeking to enhance its cryptomoney investigation capabilities. The justification is that they want to limit the criminal activities in which crypto currencies are involved with the development of this application.
In more detail, the U.S. Army Contracting Command in New Jersey is researching the market for potential contractors capable of providing a license for a cloud application.
The idea is that such an application could help police to identify and arrest actors who use crypto currencies for illicit activities. These include fraud, extortion and money laundering.
Again, what’s at the heart of the matter is that the Army says it needs to track down Bitcoin and other major crypto currencies that could be used for illicit activities.
Thus, the application is intended to allow investigations into the origin of transactions with cryptosystems such as Bitcoin and major altcoins.
However, these types of projects are not new in the world. Congressmen, politicians and world personalities have commented before how necessary this could be. Thus, many government agencies are looking to improve their cryptomoney tracking capabilities.
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Will it be possible to achieve this application?
In itself, the idea of Bitcoin Era being based on blockchain is to ensure transparency of movements without the need to compromise identities in the process. However, the challenges and risks of these are known and taken into account by regulators around the world.
Similarly, there are some events that affect the public image of cryptosystems. This was the case when a few days ago a group of hackers took over the social networks of great personalities from the world of cryptomoney, politics and technology to promote a scam with Bitcoin.
However, it would be illogical to think that the scam arose because of the existence of crypto currencies simply because they used Bitcoin. In that case, the hack was done to the Twitter system, not to Bitcoin.
While these debates continue to be generated, so do the scams that seek to take over crypto currencies. But, at the same time, tools are emerging that seek to support the monitoring and transparency of these criminal activities.