The bitcoin network has become of great interest to governments and law enforcement agencies all over the world. Many people still think bitcoin is only used for criminal activity, even though nothing could be further from the truth. Various companies are specializing in “bitcoin blockchain analysis”, which indicates they can identify illicit activity and even help identify bitcoin users in the process.
4. Skry
Skry is a rather unique company in the sense that they use blockchain technology, big data, and artificial intelligence. One of the first case studies conducted by the company revolves around detecting suspicious activity on the bitcoin blockchain. Suspicious transactions are publicly viewable by anyone, yet it is difficult to pick them up in real-time. This is where artificial intelligence comes into the picture, as these tools can help identify potential risks on the bitcoin network.
3. Numisight
Another company creating a similar use is called Numisight. The company aims to provide tools – currently in public alpha – to verify all levels of every transaction on the bitcoin blockchain. Numisight provides a visualization of bitcoin data and establishes connections between transactions. Although it remains a bit unclear if this solution will be of great use to law enforcement agencies, it is a very different take on bitcoin blockchain analysis, that much is certain.
2. Chainalysis
Judging by the name of this company, it is rather evident what Chainalysis tries to achieve. The company’s main focal point is protecting the integrity of digital assets, including verifying the integrity of every bitcoin transaction. The company presents report son blockchain activity related to specific enterprise customers. This allows Chainalysis users to assess the risk of doing business with new or existing customers. Additionally, there is an extensive due diligence tool that reveals the origin and recipient of bitcoin funds.
Additionally, the company takes bitcoin blockchain analysis to a whole new level. Their real-time API determines whether or not a particular type of behavior on the blockchain can be considered to be risky. On the other hand, the Chainalysis tool allows clients to share limited data with their partner bank to make financial institutions feel more at ease with their business practices. A very well-rounded platform, all things considered.
1. Elliptic
Nearly everyone in the bitcoin world has heard of Elliptic by now. The company positions itself as the “global standard for blockchain intelligence”. Putting such a heavy burden on oneself can be quite dangerous, yet the Elliptic team feels they have all of the necessary tools to back up their claims. By identifying illicit activity on the bitcoin blockchain, they can become a valuable asset to law enforcement agencies and banks.
Some companies feel there is a huge market potential for bitcoin, yet they remain a bit wary of the risks. Elliptic can help companies enter the cryptocurrency world by removing this barrier to entry with their blockchain analytics tools.Their entire solution is instant and automatic Moreover, it is capable of uncovering complex relationships between multiple entities with complete transparency.
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