Bitcoin SABR.io Identifies Illegal Activity on Blockchains, Willing to Work With Law Enforcement
Jp Buntinx · @http://twitter.com/jdebunt | Aug 12, 2015 | 05:29
Blockchain analytical tools and services are both a blessing and a curse, according to Bitcoin industry experts. The Bitcoin community is divided into two camps: those who embrace the transparent aspect of the blockchain and financial transactions, and those who want to use anonymizing services to cover their tracks. Unmasking Bitcoin transactions could throw a monkey wrench into the plans of that second category of users, and Sabr.io aims to do exactly that.
Also read: smsBlockChain – Blockchain Analysis Via SMS
SABR.io – Identifying and Locating Criminal Activity
The business model associated with the Sabr.io service is noble and honorable, as the company wants to eliminate any criminal activity associated with virtual currencies. Achieving that goal will not be easy, yet Sabr.io is confident in their ability to monitor multiple blockchains and detect any discrepancies or strange behavior.
But that is not all, as SABR will also integrate data from public and proprietary sources. All of this is made possible thanks to the company’s unique and strategic partnerships in the digital currency world, which provide SABR with information that would otherwise be inaccessible. Collaboration with law enforcement to track down illicit Bitcoin users will be a major step forward towards legitimizing digital currency.
Gathering all of this information is one thing, but making it easy to interpret for the everyday consumer is something else entirely. SABR is focusing a lot of their efforts on simplicity and focus of their reports, removing the entry barrier level of pre-existing technological knowledge entirely. More importantly, every SABR client will receive individual and dedicated support from the company’s engineers.
What is of particular interest about this company is their address, which is exactly the same as the address belonging to Barry Silbert’s VC company Digital Currency Group. That VC company invested in ShapeShift a digital currency exchange platform allowing users to trade various currencies intermittently without having to create an account.
Blockchain analytics as a business model could prove to be quite beneficial in terms of Bitcoin regulation as well. Working together with law enforcement to remove any criminal activities in the world of Bitcoin and digital currency is exactly what is needed right now. Whether or not the information provided by SABR will be valuable and legitimate, is something only time will tell.
Financial Freedom Should Not Equal Financial Anonymity
Bitcoin, as a financial tool, provides a certain level of user privacy compared to traditional methods. Yet at the same time, Bitcoin was never intended to be used anonymously, even though a lot of people would love to see such a feature enabled in the future. Consumers who have nothing to hide, don’t need to be fully anonymous when conducting transactions online.
Playing devil’s advocate for a moment, spending habits being publicized online could open up the floodgates for more marketing campaigns aimed towards Bitcoin users. This could be either positive or negative, depending on how individual consumers wish to look at it. But one thing’s for sure: analytical tools can be quite valuable to the overall Bitcoin ecosystem.
What are your thoughts on SABR and its potential use cases? Do you prefer financial anonymity at all times when using Bitcoin? Let us know in the comments below!
Source: Reddit
Images courtesy of Anonymity in Bitcoin, Shutterstock
