Coinalytics Gets $1.1 Million for Blockchain Intelligence Platform

Coinalytics has secured $1.1 million in seed funding from The Hive, an incubator for technology startups.

Coinalytics is a startup that creates tools to gain deep, sophisticated insights into Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term data. It has also focused on fraud detection and compliance, reportedly garnering the interest of several companies looking to use its tools.

The funding will go towards building the startup's sales team and other growth areas.

Fabio Federici, CEO of Coinalytics, suggested that the availability of advanced data analytics and intelligence for Bitcoin technology is a key step in the blockchain's evolution. He commented:

"The maturation of a market is often defined by its ability to provide analysis and insight on transactions and developments. Our platform offers enterprises a real-time ability to convert information into action that will break down a significant barrier for mainstream adoption of the blockchain."

Coinalytics was originally geared toward tracking bitcoin as currency. For example, it previously demonstrated how its solution can track the funds flowing to and from Moolah, which defrauded altcoin exchange MintPal and then disappeared.

Coinalytics has since recognized the growing shift toward blockchain technology, which is now envisioned to support much more than bitcoin currency. In a press release, bitcoin is specified as only one example of a blockchain transaction that can be analyzed.

With the funding, the startup also said that it has unveiled a "data science layer for the blockchain", which "applies advanced machine learning and distributed systems to cryptographic platforms, enabling enterprises in a variety of industries like online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, financial services and decentralized applications to make smart decisions in real-time, while maintaining data privacy and trust."