Blockchain Intelligence Launches QLUE Flush Out Bitcoin Transfers

JP Buntinx | February 21, 2017 | 11:00 am
NEWSBTC QLUE Bitcoin law Enforcement

Blockchain Intelligence Launches QLUE Flush Out Bitcoin Transfers

JP Buntinx | February 21, 2017 | 11:00 am

Law enforcement agencies are keeping a close eye on bitcoin and the darknet. In fact, they feel a lot of suspicious bitcoin transactions take place every single day. Blockchain Intelligence Group announced their new Deep Cove project, which helps in identifying these suspicious transactions. This QLUE platform will help law enforcement fight online financial crimes.

For the longest time, people assume bitcoin is only used for illegal transactions. While it is true criminals seeing merit in bitcoin, cryptocurrency is not suited for staying anonymous. To be more precise, bitcoin is anything but anonymous or privacy-centric. That being said, various law enforcement agencies still monitor the bitcoin blockchain to identify suspicious behavior. Doing so is no easy feat by any means, though.

A QLUE Platform To Aid Law Enforcement

This is where Blockchain Intelligence Group comes into the picture. The Canadian blockchain technology development firm launched their QLUE platform. For those who are unaware, QLUE is designed to fight financial crimes taking place on the internet. More specifically, the company wants to detect suspicious bitcoin activities in real-time. This tool can be quite beneficial to law enforcement agencies all over the world.

Blockchain Intelligence Group uses advanced search algorithms to flag suspicious bitcoin transactions. The exact inner working of their QLUE platform remains shrouded in mystery for the time being, though. The Tor project seems to be involved in this process as well. It is unclear if QLUE is capable of deanonymizing Tor users at this stage.

It is important to note Blockchain Intelligence Group is a pro-bitcoin company first and foremost. However,  they notice bitcoin is getting a lot of negative attention as well. Addressing this problem is direly needed to make cryptocurrency appear more legitimate. Weeding out the abuse of the bitcoin network can have positive consequences for the cryptocurrency ecosystem as a whole.

Whether or not the QLUE platform will be beneficial to law enforcement, remains to be seen. Blockchain Intelligence Group is confident this tool can make bitcoin appear more legitimate. Moreover, bringing down criminal activity on the darknet is never a bad thing. Keeping in mind how the company is pro-Bitcoin, it appears they have the currency’s best interests at heart first and foremost.

Header image courtesy of Shutterstock

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.


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