09-20-2019 icon

US Army Seeks Blockchain Experts Who Can Track Bitcoin in Real-Time

By Sagetwriter

The United States Army Contracting Command (ACC) has released a notice soliciting the services of blockchain forensic experts.

Blockchain forensics is a new field which involves creating tools for the tracking, tracing and scraping of data related to cryptocurreny transactions.

As seen in the official publication, the ACC seeks a cryptocurrency analytics solution for use by the US Army in criminal investigations and other missions. Details of the role state that the contractor (individual or company) must provide a cloud/web-based online service, non-reliant on hardware or software for the tracking of individuals using cryptocurrencies for illicit purposes such as fraud and extortion.

Further requirements for the role state the contractor should be able to provide real-time Bitcoin tracking, identify the source of cryptocurrency transactions, study patterns and interactions of addresses as well as have the capacity to analyse multi-currency transactions including those from Bitcoin (BTC) to other cryptocurrencies.

Positive Strides for Cryptocurrency?

This latest move could be attributed to concerns about the traceability of cryptocurrency transactions in cases where they are used illicitly. Also the interest by authorities to provide tracking and regulation of cryptocurrency could be a pointer to the emerging adoption of digital assets; as authorities look to incorporate the industry while also ensuring investor safety.

At this time, arguments on cash suitability over bitcoin and other cryptocurrencies are being dismissed. See publication on this subject here.

See list of blockchain forensics firms: Ciphertrace, Chainalysis, Elliptic, Crystal.