In the previous article, we glanced through what exactly blockchain analysis is and how it helps law enforcement agencies to trace the frauds and scams happening in the domain. It is a process of investigating, classifying, and monitoring transactions and their associated addresses to identify the bad actors in the space. Now, you can call this article the second part of blockchain analysis, where we talk about blockchain analysis tools that assist financial institutions in real time.
Top Blockchain Analysis Tools
TRM Labs
TRM Labs is one of the best tools to battle crypto money laundering exercises. It safeguards against fraudulent activities and enables financial institutions to stay in compliance. The investigator feature in the tool allows anyone to easily investigate, analyze, and conceptualize the operations and the flow of funds with computerized mappings. Also, it scrutinizes the individuals’ wallets and inspects the improper/crooked behaviors to provide a risk score for the wallets.
Coinpath
Coinpath, a product of Bitquery, offers blockchain money tracing APIs that work on an advanced mathematical algorithm. These algorithms simplify the complicated calculations to show the flow of funds from one address to another. This tool makes the best use of heuristics and machine learning to decide clusters, the flow of transactions, account balances, etc. They are proud to say that Coinpath APIs are the cornerstone of various blockchain investigation and compliance solutions.
Chainalysis
Chainalysis is a reputed blockchain analysis tool that bestows compliance and investigation software to fintech entities, including banks, crypto organizations, and government agencies. It has various features to monitor transactions, assess risks, and visualize fund patterns. Chainalysis KYT (Know Your Transaction) predicts transactions that are sourced from darknet, scams, and sanctioned addresses and offers a user-friendly interface overall to analyze and investigate transactions.
The Reactor in the tool assists users in completely visualizing the flow of funds from one wallet to the other. It also aids in discovering the real-time identity of the individual. The exciting part of this tool is Chainalysis Kryptos. It provides all-inclusive profiles of 1800+ business enterprises depending on the KYC particulars. To be precise, it is the industry’s reference directory for crypto services and their on-chain activities.
Elliptic
For most cryptocurrency exchanges and other financial institutions all across the globe, Elliptic is one of their favorite blockchain analysis tools. It offers a plethora of solutions for digital asset compliance and blockchain investigation. For instance, Elliptic Lens is one such interesting product. It gives all the insights to the platform owners regarding the safety and protection of both their businesses and customers. It helps decipher the fraud behind each improper action in a wallet and examines the money flow. Also, its Navigator has the power to identify the exact source and destination of funds for even 100 crypto assets.
AnChain.AI
Similar to the aforementioned blockchain analysis tools, AnChain.AI is an eminent tool that offers a compliance and investigation product that works based on cutting-edge artificial intelligence technology. The following are the best products of AnChain.AI
Blockchain Ecosystem Intelligence API – This API furnishes real-time identity behind addresses and analyzes the risks involved in crypto transactions.
Compliance. Investigation. Security Operation – This product features visualization strategies to dissect the transactions in the network manually.
Smart Contract Auditing Sandbox – It is a sandbox that evaluates the source code of millions and millions of smart contracts deployed in the Ethereum network to ensure a robust security score for any Solidity-based smart contracts.
FAQs Related to Blockchain Analysis Tools
Q. What are the other popular blockchain analysis tools on the market?
Apart from the discussed tools, CipherTrace, Crystal Blockchain, Uppsala Security, Coinfirm, and Solidus Labs are the other successful blockchain tools used by real-time fintech institutions. Check their website for more information.
Q. What are the benefits of using blockchain analysis tools?
Using blockchain analysis tools will help you with integrated time and graph views, flexible sorting, intuitive architecture and smart node sizing, effortless grouping, personalized styling, user-driven exploration, smooth visualization, easy intelligence dissemination, and powerful graphic rendering.
Q. What are the different sectors that utilize blockchain analysis tools?
Many industries use these tools to make the best out of it. It includes but is not limited to,
Transport: To Examine and oversee routes, identify the ideal mode of transportation, etc.
Healthcare: To share patients’ data in the most secure way within the network.
Banking: To track crypto transactions, to make secure and cross-border settlements, etc.
Retail and Manufacturing: To make it a one-stop-shop for mapping supply chain management with a high precision rate.
Wrapping Up
We know that user privacy and security are the two most sensitive parameters in the crypto sphere. Technological evolution like blockchain analysis is a phenomenal invention from humankind to provide utmost protection and the feasibility to trace back the bad actors with a real-world identity. If you are a fintech-based entrepreneur, then the above tools would make your job easy and, at the same time, will prevent scammers and hackers from touching your product.
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