What do institutions need to offer crypto services? Cointelegraph sat down with Elliptic's Tom Robinson and Eray Akartuna
As more institutions explore digital assets, the need for on-chain analytics platforms has never been higher.
Cointelegraph: What are the typical use cases you see for on-chain analytics for institutional clients?Anti-Money Laundering and sanctions compliance for crypto exchanges and other businesses handling crypto assets: Our crypto transaction and wallet screening tools help businesses remain compliant with regulations and to reduce fraud.
There are certain aspects of blockchain transactions where we can use machine learning to understand or identify certain patterns. Patterns seen on the Bitcoin blockchain may not necessarily be the same as patterns on the Ethereum blockchain; they work in slightly different ways. I would point out the use of heuristics.
If we are analyzing dark web markets or terrorist entities, etc., using heuristics can help us identify if a wallet address has been associated with a certain illicit entity. We can then use those heuristics to understand what other wallet addresses may also belong to or be associated with that entity.
CT: What are the most complex problems you are solving at Elliptic? Why are they complex, and why is it important to solve them?The most complex and important problem we have solved recently is how to identify proceeds of crime in crypto, even when they have been laundered cross-asset and cross-chain. Criminals now move their proceeds between assets, using decentralized exchanges; and between blockchains, using cross-chain bridges.
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