DOP combats money laundering and fraud with Chainalysis solutions
Integrating Chainalysis helps DOP detect and prevent illicit activity early, reduce manual review processes, and address compliance with cryptocurrency regulations.
DOP’s protocol is designed to enhance privacy and give users control over their data. At the same time, DOP has been making a concerted effort to ensure its technology isn’t exploited by criminals and fraudsters, with safeguards in place to blacklist illicit activity as soon as it emerges.
Aligned with this commitment to safety, Data Ownership Protocol (DOP) has selected Chainalysis as their technology provider to help protect against illicit abuse of their network. Chainalysis solutions enhance workflows for security checks, including automated wallet/address screening and enhanced due diligence. This comprehensive process blocks activities such as money laundering and terrorist financing, while upholding strict compliance standards.
Chainalysis is the blockchain data platform and provides data, software, services, and research to government agencies, exchanges, financial institutions, insurance companies, and cybersecurity companies in over 70 countries. As the first movers in this space, Chainalysis has been collecting and tagging blockchain services longer than any other analysis firm and maintains the largest database mapping cryptocurrency transactions to real-world entities. Chainalysis has built the world’s most trusted blockchain knowledge graph for web3, just as search engines did for web2.
To use an analogy, the role Chainalysis plays in this protocol will be akin to an intelligence officer informing security at the door. When a DOP wallet receives a transaction, it’ll be immediately checked. A proverbial red flag can be raised if the money is exposed to illicit sources — and it’ll be redirected to prevent it from infiltrating the ecosystem. Funds with a legal provenance will be given a green flag and waved through.
When warranted, expert researchers from DOP trace the flow and source of funds while scrutinizing the details of specific transactions with Chainalysis, which maintains an updated and real-time source of intelligence about suspicious on-chain activity.
Creating a safe environment for our users
Introducing safeguards that deliver confidentiality for users, while allowing criminals to be brought to justice, is in the interests of everyone. Illicit actors will find it prohibitively hard to cash out after thefts, confidence among everyday consumers will increase, and greater levels of credibility will attract institutional interest.
Safety matters — and the best way of preventing illicit funds from circulating around an ecosystem is to stop them from entering in the first place. DOP’s goal is to ensure anyone using major third-party Ethereum wallets and dApps can shield information about their finances from prying eyes, all while protecting them from nefarious corners of the crypto world that drag the industry down.
