Bitcoin
smsBlockChain – Blockchain Analysis Via SMS
Jp Buntinx · @http://twitter.com/jdebunt | Jun 07, 2015 | 18:22
Blockchain analysis is both intriguing and worrisome for Bitcoin enthusiasts all around the world. Even though the blockchain functions as a public ledger for all types of transactions, there is still some work involved if you want to properly analyze patterns. With smsBlockChain, that process is now as simple as sending a text message.
Also read: An Analysis of the Last Eighteen Months of Bitcoin
smsBlockChain – Full Blockchain Information via SMS
The reason a service such as smsBlockChain can cause worries is because they offer a ton of information about any Bitcoin wallet address. Not only will you receive information such as the current Bitcoin price, but also information about public addresses, such as their current balance and the last address that a wallet has interacted with.
In doing so, it becomes easier for people to check their Bitcoin wallet balance and track their expenses, but it also allows anyone in the world to analyze your public wallet address.Granted, users can generate infinite new public wallet addresses, but this kind of blockchain analysis at the cost of a text message can cause quite some harm.
On the other hand, you could make the argument that “you shouldn’t use Bitcoin or the blockchain if you want to hide transaction details.” And that statement is more than valid up to a certain extent, as not everyone wants their address to be monitored – by any random person on the planet- for legitimate reasons.
That being said, smsBlockChain will offer anyone in the world access to the blockchain, regardless of whether or not they have an internet connection. It is not possible to send money without an internet connection [at this point], but from an informative point of view, all of the blockchain information is just a text message away.
At the time of publication, services offered by smsBlockChain are available to anyone in the world. The platform also offers free and unlimited usage of the service until June 22, 2015. However, when we tested this service ourselves with a public address, all of the information related to this address was incorrect. We have notified the service operators of this issue.
UPDATE 09-06-2015: We have received word from the developer the issues were now resolved. After testing the service, we can now confirm all features offered by smsBlockChain are fully working as intended.
What are your thoughts on smsBlockChain? Let us know in the comments below!
Website: http://smsblockchain.com/index.html
Images courtesy of Shutterstock
