Following its ideology, the cryptocurrency industry has again proven that it exists for the well-being of humankind. Just recently, the cryptocurrency industry took it upon itself to express its concerns over the human-trafficking issue. The crypto-industry launched an initiative by the name of Anti-Human Trafficking Intelligence back in April 2020.
After its launch, many cryptocurrency entities became part of this group. Now, even some of the major cryptocurrency firms have started joining the group. The recent members of the Anti-Human Trafficking Cryptocurrency Consortium or commonly known as ATCC are some of the big cryptocurrency exchanges.
These exchanges include BitFinex, Paxful, Coinbase, and Gemini that have joined forces in order to fight off human-trafficking. The consortium has been introduced as a non-profit initiative that is focused on taking anti-human trafficking measurements.
At the moment, the consortium has its attention towards the development of tools, best practices, and intelligence sharing that will help fight off human-trafficking.
The main goal of ATCC is to provide a platform where the blockchain intelligence firms, cryptocurrency exchanges, and law enforcement entities get to collaborate with each other.
This way, all of the entities will be able to share critical and sensitive information with each other. Together, these organizations will form a body that will fight off human trafficking and CSAM (child sexual abuse material).
The founder and chairman of the ATCC, Aaron Kahler commented on the importance of the collaboration. He stated that the cryptocurrency industry, its information sharing, and technology can help create awareness around human trafficking.
The crypto-industry can play a vital role in creating awareness among the corporate sectors around human-trafficking.
Kahler provided more information as to what kind of role the four major cryptocurrency agencies will be playing to prevent human trafficking. He stated that the role of these cryptocurrency exchanges will be to keep a close track of the transactions.
The exchanges will be responsible for ensuring that they highlight and point out any transactions that seem unusual and related to human trafficking.
Once the information is identified as potential human-trafficking activities, the data will be shared with the ATCC consortium for taking further actions.