Analyzing Bitcoin transactions is become the new norm all of a sudden. Even though these transfers have always been publicly available in real-time, more platforms are focusing their attention on de-anonymizing Bitcoin. Coinfirm, a relatively new platform wants to focus on managing risk and compliance for AML reports. For now, this platform is still in beta, and not all of the existing Bitcoin addresses have been crawled.
Coinfirm Monitors Bitcoin Transactions
On the surface, the Coinfirm web page may look like a slightly more fancy Bitcoin block explorer. But do not be fooled by its appearance, as this search engine is quite powerful. With a focus on AML reporting compliance and risk management, the company is trying to analyze Bitcoin transactions to discover anomalies.
As one would come to expect from such a service, looking up specific addresses should yield a detailed transaction history. Unfortunately, that is not always the case, as Coinfirm is still in beta. The vast majority of Bitcoin addresses has not been indexed yet, and looking up one’s own address may yield zero results.
Users who sign up for this platform will be able to create detailed reports with an in-depth financial overview. Additionally, Coinfirm will also offer AML risk analysis for all of their customers. Compliance is becoming a bigger point of focus in Bitcoin lately, and it is interesting to see new companies explore the options in this market.
But the Coinfirm platform offers some additional features as well. Users who sign up for the service will receive instant notifications for sending and receiving transactions. Additionally, they can use the service to provide transactions security for individuals and corporations. More transparency and AML is also a positive side-effect for any financial institution in the world.
However, the most interesting part is how Coinfirm labels their solution as a way to confirm one’s online identity. Bitcoin allows users to be pseudonymous, without linking an identity to a wallet address. This service aims to take away that minimal privacy, assuming people sign up for it voluntarily. An interesting take on things, to say the least.
Image credit 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
