Bringing Trust & Assurance to Cryptocurrencies
The usage of cryptocurrencies continues to expand and accelerate around the world. In turn, the total value of cryptocurrency transactions has risen exponentially, which has attracted financial criminals.
One company that is transforming this problem into an opportunity is BIG Blockchain Intelligence Group Inc. (CSE: BIGG, OTCQB: BBKCF, Forum). BIG has taken a two-pronged approach to combatting such cyber-crimes: a preventative tool and an investigative tool.
BitRank Verified™
BitRank™ is BIG's preventative tool: a proactive service for fighting cryptocurrency crime. The concept is straightforward. BIG has designed a Big Data analysis software platform that ranks the risk of entities who participate in cryptocurrency transactions. Through its proprietary algorithms, BitRank enables commercial partners (bank-tellers, exchanges, eCommerce sites, ATMS, retailers) to determine the safety of a particular cryptocurrency transaction before it is processed.
Entities with low risk rankings are deemed safe, mid-ranked entities are classified as questionable, and high-ranked entities are identified as unsafe to complete a transaction with. Armed with a BitRank risk score, BIG's client immediately knows whether to process the transaction or not, which helps them meet compliance related to Anti-Money Laundering (AML) and other financial regulations.
QLUE™
QLUE™ is BIG’s investigative tool for fighting cyber-crime and following the virtual money. QLUE is a tracking, tracing and monitoring tool tailored to be used by financial institutions and law enforcement organizations. QLUE enables users to literally see which entities and wallets have been associated with a transaction or specific cryptocurrencies, making it possible to easily undertake in-depth forensic investigations.
Revenue Model
Both BitRank Verified™ and QLUE™ are available to users on a subscription basis.
The use of such tools and services is a compulsory safeguard for many government departments and businesses – especially those operating directly in the financial sector. Corporate entities can’t afford to roll the dice with their commercial transactions. Equally, law enforcement agencies need to possess the most effective and up-to-date tools to apprehend and prosecute the nefarious entities who seek to exploit cryptocurrencies.
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The U.S. Department of Justice and the U.S. Department of Homeland Security are already signed up as clients, and the Company has signed reseller and partner agreements across multiple cryptocurrency sectors, including cybersecurity, FinTech, RegTech, client risk and Bitcoin ATMs. BIG is also currently working with the U.S. Treasury Department in a pilot project, and on May 1, 2018, BIG announced the Company is participating in a pilot project with ATB Financial to demonstrate the effectiveness of their proprietary tools specifically in the crypto-mining space.
ATB Financial is the largest financial institution based in the province of Alberta, currently managing assets in excess of $50 billion. The pilot project will provide a case study of the effectiveness of BIG’s software in enabling ATB Financial to evaluate the operations of crypto-mining companies while assessing risk management and compliance obligations.
The pilot project will start with on-site training and orientation, provided by BIG’s support team. Then comes the application of BIG's cyber-crime tools to mining operations. Finally comes evaluation: measurement of the quantifiable results from the pilot project, backed up with recommendations on additional refinements.
Lance Morginn, BIG's CEO, framed this announcement for investors: "This pilot project will enable us to put our tools to work on a unique case study that's squarely focused on managing financial risk and compliance, which are two of the primary benefits we bring to the financial sector."
Risk and compliance. The former is a four-letter word for consumers, businesses and law enforcement alike. The latter is a constant concern for financial institutions and companies of all types. By perfecting its tools and forensic services, BIG makes it easier for its clients to reduce cryptocurrency risk and create security and assurance in this emerging market space.
The usefulness of these tools will be easily apparent to readers. And as more consumers and criminals continue to use cryptocurrencies, the value and security BIG brings to this growing market will be obvious to investors.
www.blockchaingroup.io
FULL DISCLOSURE: BIG Blockchain Intelligence Group Inc. is a paid client of Stockhouse Publishing.