Bitfury Has Developed A Tool For Tracking Dubious Transactions

Bitfury Has Developed A Tool For Tracking Dubious Transactions

The supplier of blockchain solutions, Bitfury Group, introduced a set of Crystal tools, designed to identify and investigate criminal activities in the battle of bitcoin. Representatives of the company told about this in an interview with CoinDesk.

The platform has been developed for two years. It is designed to break the idea of bitcoin as an instrument for carrying out transactions in black markets.

This industry needs elementary and convenient tools that would allow tracking bitcoin transactions and checking whether the address from which you receive money is green or black.

- Valery Vavilov, CEO of Bitfury Group explained.

The Crystal service will allow law enforcement officers and private experts to trace the ways of moving suspicious transactions to the final recipient or point of sale of the cryptocurrency. By establishing the relationship between alleged intruders, Crystal will be able to determine the likelihood of individual addresses being involved in illegal activities.

Other tools will help autonomously monitor bitcoin addresses, compile and distribute reports according to specified criteria and even establish the origin and purpose of transactions.

We analyze the Internet; we analyze the forums, we analyze different types of sources, we collect this information together and come to a conclusion whether a particular transaction is questionable or not.

The corporate version of the Crystal Pro product will be integrated into the company's own networks and will not only allow them to monitor the activity in the detachment but also provide additional security for their cryptocurrency transactions.

The free version of Crystal software is available from January 30th. Tariffs for corporate clients will be presented in March.

Earlier, Bitfury Group engineers developed a new approach to bitcoin-transaction analysis, aimed at their de-anonymization.

Follow them on TelegramViberFacebookInstagram

Information Source: Coindesk

Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at...
KodakONE Blockchain Beta Test Generated $1 mln in Content Licensing Claims
More than $1 million — this how much in licensing claims KodakONE, a dev of DLT-based image rights platform, has generated. Certified by the American...
UNICEF Funds Six DLT Startups to Solve Global Issues
UNICEF is both crypto- and blockchain friendly. A few months ago the French leg of UNICEF said it was accepting donations in nine types of...
Facebook Has Opened 5 Blockchain-Related Vacancies
More than half a year ago social media titan Facebook set up a blockchain group to explore how to employ this technology to the maximum advantage of...
Seven Southern European Countries Agreed to Promote Blockchain
Seven countries of Southern Europe signed a declaration in which they commit themselves to promote blockchain. These countries are Cyprus, France...
Amazon Embraces Blockchain Despite The Dip on Crypto-Market
Even as crypto-market plunged from nearly $830 billion in January to $121.5 billion this week, the leading e-commerce company sees an opportunity in...
Microsoft Releases Dev Kit to Connect Users to Blockchain
The American technological titan Microsoft has finally introduced its development kit dubbed Azure. Azure functions without a server and is powered...
JPMorgan: Investors Should Keep an Eye on These DLT-Friendly Companies
If you are an investor, it might still be challenging for you to get exposed to DLT, unless, for sure, you are purchasing bitcoin. To ease the life...
Blockchain Engineers Make As Much As AI Specialists
Engineers working in the blockchain domain are as demanded as those who work on artificial intelligence. Such a conclusion can be made from the...
Blockchain Market Could Be $7 bln and Boost Amazon, Microsoft, BofA Says
Novel estimates from one of the most influential investment banks in the world — Bank of America — showcase unalterable ledger spread will be of use...