Cryptocurrency News

US Army Seeks Cryptocurrency Analytics Solution Provider

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The United States Army Contracting Command (ACC) has on behalf of U.S. Army Criminal Investigation Command (USACIDC) issued a pre-soliciting notice seeking interested companies for a cryptocurrency analytics solution for use in tracking monetary frauds and other crimes.

The solution should be cloud-based Independent of software and hardware. And should be able to provide analysis of transactions in all the major cryptocurrencies like bitcoin, ethereum, etc.

It should help investigation agencies in tracking down persons using Cryptocurrency for money laundering and other illicit activities. It should locate the source of Cryptocurrency transactions. The solution must also be able to trace cryptocurrency transactions in real-time and identify patterns and report the same.

Additionally, the solution should also have a tool for data analysis and should be able to generate graphs and reports.

As investments in blockchain continue to grow globally, concerns over its misuse also are growing. With Cryptocurrency firms learning from mistakes and fine-tuning their strategy and coming up with new investment products to lure customers; a consensus among various global agencies seems to be emerging that despite hiccups and after several course corrections, Cryptocurrency is the future. And efforts have begun in earnest to create a legal framework and guidelines for Cryptocurrencies to prevent or limit the damage from mistakes which are bound to happen along the way as also to prevent fraudsters from taking advantage of any loophole to dupe investors.

Unlike fiat currency, Cryptocurrencies are decentralized and can be invested globally. Different Cryptocurrencies have different features. Thus, the factors affecting them are also different. They are created by individual companies and traded globally. Thus, if some company creates a Cryptocurrency product than certifying whether that product has any loopholes which could be used for financial fraud; and continuous monitoring of transactions becomes very important. Autonomous bodies set up individual governments could do this certification. As far as Cryptocurrency transactions remained insignificant, it was not a problem, but after recent growth in Cryptocurrency market governments globally have woken up from their slumber and are working on creating legal framework both for the operation of Cryptocurrencies and creating assets for monitoring their transactions for financial irregularities.

In light of the trends mentioned above, US government agencies have over the past year tripled investments in blockchain monitoring companies awarding contracts to blockchain analytics firm Chainalysis.US Air Force has awarded contracts to Simba Chain and Constellation for the same purpose.

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