Most cryptocurrency enthusiasts have heard of the Chainalysis firm by now. This company specialized in blockchain analysis services, with a primary focus on Bitcoin. That situation has come to change, as other currencies are now supported as well. Additionally, the company has unveiled its Know Your Transaction solution, which is also quite interesting.
Chainalysis Continues to Evolve
For businesses active in the world of blockchain and cryptocurrency, there is no time to stand still. Even though both of these new industries offer a lot of promise, one still needs to tap into this potential to make things happen. Since most of the technology is used and controlled by machines, it’s somewhat difficult to make sense of what is happening under the hood as a human. Chainalysis aims to change that.
More specifically, the firm has been around since 2014 and aims to offer insights on how Bitcoin and other cryptocurrencies are used these days. Although not everyone is a big fan of blockchain analysis firms like this one, the company does provide valuable insights to ensure there is no illegal activity taking place with these cryptocurrencies.
Even though the company mainly focuses on Bitcoin, that will come to change throughout 2018. Looking beyond Bitcoin is an absolute must in the world of cryptocurrencies, and this concept applies to anything related to this new form of money. For Chainalysis, that means it will begin focusing on Bitcoin Cash as well.
The company’s investigation software, known as Reactor, will properly analyze the Bitcoin Cash blockchain moving forward. That is not the only cryptocurrency to receive the Chainalysis treatment this year, though. The goal is to support at least 10 different cryptocurrencies before the year is over.
Which coins those will be remains to be determined. Likely candidates include Litecoin, Ethereum, Ethereum Classic, and XRP. More privacy-centric currencies still remain out of the company’s reach, although this is always subject to change. After all, anonymous currencies tend to flourish on the deep web and other places of a shadier nature.
Last but not least, Chainalysis is also introducing the Know Your Transaction feature. As the name somewhat suggests, this tool provides real-time feedback on the underlying purpose of a transaction. This information is fed back into exchanges’ transaction processing engines. This will help create alerts for risky transactions, and can even speed up account reviews as well.