Cryptocurrency

05/12/18 09:18 UTC-4

USA develops monitoring framework for tracking Zcash and Monero transactions

US Develops Transaction Monitoring Framework
US Develops Transaction Monitoring Framework

The United States Department of Homeland Security announced its intention to develop a monitoring framework to effectively track Zcash and Monero transactions through enhanced forensic analytics capabilities. In a recently released document, DHS shows that it seeks to achieve this by developing "a product to support the implementation of forensic analysis in the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
, data analysis and information sharing."

The document, released on November 30 and submitted by the Agency for Innovative Research in the Field of Small Business (SBIR) FY19, was provided to interested clients, giving them the opportunity to comment on or request information on specific topics.

The blockchain monitoring framework, focused on Zcash and Monero, is of particular interest to DHS, because its existing Bitcoin-oriented analytic capabilities and "cover only a limited scope of operations within cryptocurrencies".

Extract from the document: "The key function underlying the new platforms is the possibility of anonymity and privacy protection. Also, of similar interest is tracking, understanding of transactions and actions on the blockchain of an illegal nature."

 

Research stages

Three stages of research have been identified. The first one includes designing a blockchain analysis system, Zcash and Monero building to conduct an examination to ensure security in the cryptocurrency market. The second phase includes prototyping and demonstration of already developed technologies of examination of the blockchain, while the third stage is the introduction of the blockchain forensic analytics for state and commercial use by aiding in law enforcement operations, as well as in the fight against money laundering.

The US government is preparing to take over the blockchain implementation so that cryptocurrency funds are not used for money laundering, tax evasion and terrorist financing. CCN reported in September that a group of US government agencies, led by the IRS, awarded several contracts for millions of dollars to block firms such as Chainalysis.

 

Editor: Yulia Krasnaya

See also: "Hyperledger Announces New "Cryptocurrency Library""

#United States #monitoring #transactions #cryptocurrency #blockchain

Comments

Similar

07/05/19 06:00 UTC-4

Bitcoin rate is growing: BTC crossed the $6,000 barrier

On May 7, the first Bitcoin cryptocurrency increased by 4.29%. Now, the weighted average rate of digital gold is $5,929. At the same time, the "high" deals in today's trading session have already crossed the border of the psychological barrier of $6,000.

Cryptocurrency
Exchanges
Mining
ICO, ІРО, STO
Hypes, funds, fiat money
Other