In the world of blockchain and cryptocurrency, a lot has happened in a short period of time, but one concern has remained paramount for the industry as a whole: security. When an entity encounters ransomware or finds themselves on the receiving end of nefarious or fraudulent actions, where do they submit the data on the associated addresses? What sort of system needs to be in place in order to not only disincentive these events, but incentive entities to provide data which will help them protect themselves, their partners, and the global financial system as a whole?
These were the questions that led to the establishment of Coinfirm and the AMLT Network.
“When we created Coinfirm, we wanted to create a bridge between the crypto-blockchain economies… and wanted to change the reality of compliant systems and how AML (anti-money-laundering) works overall—which in the traditional space is ineffective and inefficient,” explains Grant Blaisdell, co-founder of Coinfirm and AMLT Network. One of the main flaws is the inability to detect risks on an individual basis in regions of the world such as Nigeria and India, where the economies have a lot of potential but entrepreneurs are stymied by high-risk labels and the resultant inability to access the global financial system. The team at Coinfirm is working to change this by creating a system that incentivizes entities to report the data associated with both good and nefarious actions.
Once Coinfirm receives that data, they implement it quickly in order to alert other exchanges and individuals of risks. So, what’s the incentive? AMLT tokens which can be used for discounted services on the AML platform.
Blaisdell offers a highly informative conversation packed with the latest and most pertinent information in the blockchain and crypto space. Tune in to learn more about Coinfirm’s implementation of the first-ever blockchain lab in Africa, how their approach is different and more likely to succeed than others, the integration of Trudatum with Central Europe’s largest bank, and what’s to come in 2019.
Learn more by visiting coinfirm.com.