B2B Payments

Blockchain Backers Ban Together To Fight Crime

Bitcoin may have a reputation among some for its role in underground, illegal markets. The currency is often linked to criminal action — as it allows individuals to anonymously bypass the legal system by paying for unlawful goods and services in an untraceable currency.

But blockchain technology seems to want a different reputation. Reports Thursday (Oct. 22) revealed that a group of blockchain supporters and innovators are banning together to help law enforcement detect criminal activity in the space.

The Digital Chamber of Commerce and Coin Center are already two major advocates of blockchain technology. Now, the two said they will be working together to form the Blockchain Alliance, a group that works with other firms in the space to help law enforcement in an effort to fight and prevent crime.

“It’s no secret that bitcoin has perception issues, which is a roadblock to mainstream adoption,” said Digital Chamber of Commerce President Perianne Boring in a statement. “Having an open dialogue with law enforcement and policymakers will help reduce anxiety about this transformative technology.”

[bctt tweet=”It’s no secret that bitcoin has perception issues”]

According to reports, the Blockchain Alliance will regularly work with law enforcement at the Federal Bureau of Investigation, Department of Justice, the U.S. Secret Service and other agencies. The group said it will also look to link up with other law enforcers both in the U.S. and abroad.

Steptoe & Johnson LLP partner Jason Weinstein will serve as counsel for the group. In a statement, Weinstein said the group can help fuel adoption of blockchain technology.

“By helping law enforcement agencies address public safety concerns about bitcoin and other digital currencies, we can foster an environment in which the full potential of the blockchain can be realized,” he said.


To check out what else is HOT in B2B, click here.


Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Digital Fraud Tracker Report


To Top