Bitfury isn’t waiting for law enforcement to clean up the bitcoin space. After years of working with government agencies leery of bitcoin’s seedy past, the blockchain services firm best known for its bitcoin transaction processing business has decided to take matters into its own hands.
Launched today, a number of tools collectively identified as Crystal are intended to make it easy for users to identify and investigate criminal activity on the world’s largest blockchain. But that’s not to say that the end goal of Crystal is philanthropic.
Developed over a two-year period with feedback from former senior-level government officials, the platform was ultimately created to help bitcoin once and for all move past its association with black market transactions. The next time potential Bitfury customers balk at getting involved with the cryptocurrency, the CEO of Bitfury Group, Valery Vavilov hopes Crystal will provide a solution.
“The industry needs some very user-friendly tools so that you can track bitcoin transactions and see if this bitcoin address that you’re getting money from is green or black.” Beginning today, a light version of the Crystal software will be made available for free to individuals, with pricing for enterprise subscriptions to be released in March.
The core of the toolkit is a detailed risk scoring solution that helps law enforcement agents and investigators trace suspicious transactions to a final address, or a point of withdrawal. By tracking the relationships between so-called “bad actors,” Crystal will generate a score of the likelihood a particular address is related to illegal activity. Read more from coindesk.com…
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