Dec 04, 2019
Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.
Decentralized applications (DApps) and DEX’s are now being forced to provide AML compliance as seen in multiple announcements recently. Through a solution built on smart contracts that automats AML risk decisions, the AMLT Oracle allows Decentralized applications to fulfill AML compliance without becoming a centralized authority. The fee’s associated in using this solution are paid in AMLT tokens. We’re currently testing a POC of it with some partners, below you have a process description. We look forward to your thoughts and any potential opportunities you may see.
AMLT Oracle POC - Process
Step 1. By sending a transaction to the smart contract with a requested address and required number of AMLT tokens, the User (DEX) initiates the process.
Step 2. The AMLT Oracle is monitoring the blockchain, when a new transaction appears it reads the address for which an AML Risk Report is to be generated.
Step 3. After reading, the Oracle sends the request to the Coinfirm API to generate and send the AML Risk Report.
Coinfirm and AMLT are always working towards creating innovative solutions that enables compliance and we see the AMLT Oracle POC as one more step in this direction of creating a safer crypto economy.
Stay tuned for more exciting updates, news and AMLT stats in coming weeks.
If you're interested in partnering with Coinfirm or becoming an AMLT Network Member then contact us!