Bitfury Group Launches Transaction Tracking Service for Law Enforcement
- Bitfury hopes that Crystal will allow Bitcoin to shed its shady reputation.
Bitfury has announced the launch of a new tool designed to investigate the Bitcoin 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 for suspicious activity, 'Crystal', according to a company press release.
Bitfury is live from London at the 4th annual AML, Financial Crime & Sanctions Forum! We are presenting our Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term solutions, Crystal, to EU leaders and investigators. pic.twitter.com/gVrHK6wWWA
— The Bitfury Group (@BitfuryGroup) January 30, 2018
Crystal will allow law enforcement organisations to track Bitcoin transactions and connect them to their real-world origins, so that they can "determine relationships between criminal actors, and by financial and other institutions engaged in compliance and due diligence activities."
Discover credible partners and premium clients at China’s leading finance event!
The new system works by using analytics and data scraping to create a risk score to aid those that track suspicious behaviour on the blockchain. As it will be able to identify Bitcoin wallet ownership and connections between entities using the blockchain, it will "provide substantial evidence for use by financial investigators," according to the release.
Valery Vavilov, CEO of Bitfury Group, said: “Unfortunately, there are people who exploit public blockchains and take advantage of their pseudonymity to commit crimes. Bitfury’s new Crystal tool will make it much easier to identify and track criminal activities on the blockchain."
The software took two years to develop, according to the official website. It offers autonomous tracking, meaning that within hours users can trace a single transaction back to its source, and be notified of the result via email. Crystal Pro is a version of the software designed for internal use within an organisation.
BitFury Group is a San Fransico-based company, founded in 2011. It began as a Bitcoin mining operation, and has since expanded to become a provider of the hardware and software that makes up the infrastructure of a blockchain.
In July 2017, it released Exonum, an enterprise-grade blockchain which can handle up to 3,000 transactions a second. In December, it announced a partnership with mining company Hut 8 to set up probably the biggest mining centre in North America.
Bitfury has announced the launch of a new tool designed to investigate the Bitcoin 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 for suspicious activity, 'Crystal', according to a company press release.
Bitfury is live from London at the 4th annual AML, Financial Crime & Sanctions Forum! We are presenting our Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term solutions, Crystal, to EU leaders and investigators. pic.twitter.com/gVrHK6wWWA
— The Bitfury Group (@BitfuryGroup) January 30, 2018
Crystal will allow law enforcement organisations to track Bitcoin transactions and connect them to their real-world origins, so that they can "determine relationships between criminal actors, and by financial and other institutions engaged in compliance and due diligence activities."
Discover credible partners and premium clients at China’s leading finance event!
The new system works by using analytics and data scraping to create a risk score to aid those that track suspicious behaviour on the blockchain. As it will be able to identify Bitcoin wallet ownership and connections between entities using the blockchain, it will "provide substantial evidence for use by financial investigators," according to the release.
Valery Vavilov, CEO of Bitfury Group, said: “Unfortunately, there are people who exploit public blockchains and take advantage of their pseudonymity to commit crimes. Bitfury’s new Crystal tool will make it much easier to identify and track criminal activities on the blockchain."
The software took two years to develop, according to the official website. It offers autonomous tracking, meaning that within hours users can trace a single transaction back to its source, and be notified of the result via email. Crystal Pro is a version of the software designed for internal use within an organisation.
BitFury Group is a San Fransico-based company, founded in 2011. It began as a Bitcoin mining operation, and has since expanded to become a provider of the hardware and software that makes up the infrastructure of a blockchain.
In July 2017, it released Exonum, an enterprise-grade blockchain which can handle up to 3,000 transactions a second. In December, it announced a partnership with mining company Hut 8 to set up probably the biggest mining centre in North America.