Categories: Featured

Top 4 Companies Providing Bitcoin Blockchain Analysis Services

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.

Related Post

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.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

10 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

10 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

11 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

11 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

15 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

16 hours ago