Elliptic Launches Bitcoin Blockchain Visualization Tool

Stan Higgins
Jun 18, 2015 at 09:17 UTC
Updated Jun 18, 2015 at 18:27 UTC
news

Bitcoin startup Elliptic has announced a new blockchain visualization tool that draws connections between several well-known dark markets and bitcoin exchanges.

Called the ‘Bitcoin Big Bang’, the feature is part of an offering aimed at businesses looking to beef up their anti-money laundering efforts.

The tool, which displays an interactive web of blockchain entities, shows how Silk Road, for example, connects to several ‘Known Exchanges’ currently operating.

Elliptic CEO James Smith told CoinDesk the UK company intends to launch an API in July that will offer a broader range of information to participating clients, a group that will likely include exchanges and other companies that handle bitcoins on behalf of customers.

According to Smith, the identities of the exchanges on the tool were withheld because “we thought it would be more damaging to their business and our relationship to name-and-shame”, stressing that the goal of the project isn’t to reduce blockchain privacy but to put more information in the hands of companies that need to stay compliant.

He told CoinDesk:

“We want to help those companies in a more rigorous way to look out for transactions that might be related to criminal activity.”

The announcement reflects a shift towards compliance for the bitcoin custodian, which launched last year and raised $2m in seed funding in July 2014.

The company will compete with Chainalysis and Coinalytics, who both offer real-time visualisation tools for bitcoin’s blockchain.

Abstract design of numbers image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.