Partnerships are continually being formed in the world of Bitcoin and blockchain technology. BMEX Corporation has partnered with Blockchain Intelligence Group as part of an exclusive license agreement. This Mexican-Japanese partnership is quite an interesting one, and well worth keeping an eye on.
This particular agreement is quite significant, as it will provide BMEX with Qualitative Law Enforcement Unified Edge blockchain technology software. Such a toolset can be quite valuable to a Bitcoin ATM network operator, especially in Japan where Bitcoin is starting to gain a lot of momentum as of late.
What this technology does is use advanced search algorithms and other techniques to detect suspicious Bitcoin behavior. As most people are well aware of, Bitcoin users have a particular behavior to which they tend to stick at all times. Anything that can be labeled as out of the ordinary should be flagged immediately.
For BMEX, this tool will be valuable to ensure none of their Bitcoin ATM devices is used for money laundering purposes. This will also help with Bitcoin adoption in Japan as this technology will contribute to legitimize cryptocurrency in the country. Moreover, it is also a significant move for Blockchain Intelligence Group, as they get to showcase their technology to a much larger audience.
For the time being, both parties agreed to a 12-month agreement which also includes the BitRank tool. This proprietary wallet, developed by Blockchain Intelligence Group, can perform a real-time assessment of pending Bitcoin transactions. In a perfect world, the underlying algorithm will be able to distinguish between legitimate and fraudulent transactions.
BMEX is slowly becoming a household name among Bitcoin enthusiasts in Japan. There is a huge market waiting to be tapped by Bitcoin companies, and this partnership will legitimize these attempts. Using blockchain technology with the term “law enforcement” in the name may put off some users, though.
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