Intelligence analysis company I2 Group is using blockchain technology to upgrade its internal software to better determine the illegal use of cryptocurrencies. The company plans to integrate blockchain-based capabilities into its link analytics platform called Analyst Notebook. I2 Group has cooperated with blockchain data company Chain Analysis. Through this step, the company is seeking to reduce its reliance on third-party resources, such as geospatial data, to detect criminal and fraudulent activity, while training its public sector customers to use blockchain-enabled data intelligence tools.
Cryptocurrencies are increasingly becoming part of the global fintech ecosystem, and law enforcement agencies from around the world need tools and training to identify illegal acts of abuse of cryptocurrencies to promote illegality, Chain Analytics said in a prepared statement. Transactions to facilitate money laundering or terrorist financing. The company also said its blockchain capabilities will be integrated into analysts’ notebook platforms. This will allow cybersecurity experts to use analysts’ notebooks to gather detailed insights on encryption-related activities that are suspected to be related to illegal finance.
Chainalasy said: “The combination of chain analysis’s link data with i2’s link analysis platform marks a significant advancement in our mission of arming public sector institutions, and they will need comprehensive blockchain insights to uncover complexity. Illegal network.”
This partnership is because Chain Analytics is stepping up efforts to address chain crime, which, in a recent report, claims that it has become “increasingly diverse and specialized.” The report, released earlier this month, said that the economic value of illegal cryptocurrencies to be published in 2024 is about US$40.9 billion (about Rs 35.3 billion). Nepal’s financial intelligence sector has also recently proposed the rise of money laundering based on cryptocurrencies.
The company will also help I2 Group Upskill in the I2 Group use blockchain’s data intelligence tools from the public sector. “We are excited to be working with Chain Analytics to bring Chain Chain data to our platform. “This integration will enhance our users by providing more comprehensive data and improving the quality of their surveys,” said Jamie Caffrey, Executive Vice President of I2 Group. , especially in the public sector. ”
Other Web3 and blockchain companies are also taking steps to curb the development of crypto assets to facilitate cross-border transfers of illicit intentions. For example, TRON, TETHER and TRM LABS have established T3, a dedicated financial crime department that retrieves crypto funds related to criminal activities.
