London-based bitcoin analytics and storage company Elliptic has announced the launch of an interactive blockchain visualization instrument that demonstrates transaction history of all bitcoins since its creation in 2009. The company expects the new tool, called The Bitcoin Big Bang, will drive the adoption of digital currency by enterprises.
Cryptocurrencies have been always associated with anonymity, what stops companies from embracing the digital currency. Moreover, bitcoin was often involved in illegal activities, such as drug trade or money laundering. That’s why holding bitcoins that were used by criminals may cause serious problems for financial organizations.
The new tool will help bitcoin firms to ensure they are working with the cryptocurrency that has not been used for criminal purposes.
“If digital currency is to take its legitimate place in the enterprise it inevitably must step out of the shadows of the dark web. Our technology allows us to trace historic and real-time flow, and represents the tipping point for enterprise adoption of bitcoin,” said Elliptic CEO Dr. James Smith.
“We have developed this technology not to incriminate nor to pry; but to support businesses’ anti-money laundering obligations. Compliance officers can finally have peace of mind, knowing that they have performed real, defensible diligence to ascertain that their bitcoin holdings are not derived from the proceeds of crime,” he added.
The Bitcoin Big Bang displays a web of more than 250 blockchain entities and shows transactions between them. The company’s team has been working on the development of the 35 GB map of the bitcoin transactions over the last year.
“Elliptic’s founding principle is to bring confidence and certainty to enterprises working with bitcoin. We were the first bitcoin custodian to provide comprehensive insurance, the first to be Big Four accredited and now the first to visualise the flows of bitcoin and explode the anonymity myth of the blockchain,” Dr. James Smith also stated.
An API for the Bitcoin Big Bang is expected to be launched next month, what means banks will be able to integrate it with their existing systems.
Elliptic became the globe’s first bitcoin company to offer insurance for bitcoin assets and to get accreditation by KPMG. Now, it has become the first company to provide a suite of bitcoin anti-money laundering (AML) services.
Elliptic, which is supported by Octopus Ventures, is a member of the UK Digital Currency Association (UKDCA) and together with the UK government is working on the regulatory framework for virtual currencies.
The new AML suite will be available for a group of early customers this July.