US Securities and Exchange Commission has issued a notice in which it is looking for various Blockchain analytics companies to provide blockchain data and its analysis.
SEC is looking for a potential blockchain company that can provide blockchain data to encourage its risk monitoring and compliance improvement. Also, SEC expects this blockchain company to inform the commission about digital assets.
Earlier in the last month, SEC declared that cryptocurrencies were among one of the most examination preferences for the past year.
Furthermore, SEC is looking for potential sources that can encourage the objective of acquiring data for the mostly used blockchain ledgers that include transaction information. Also, SEC wants these sources to provide data as well as convert this data into a simple form that can be reviewed easily.
US Securities and Exchange Commission requests information related to data extraction, verification and conversion procedure. Moreover, an agency is also requesting these potential sources to look at their ability to estimate insights from the blockchain data that is available to them. These insights include recognizing the owners of the crypto addresses.
Notice further states that companies who are willing to respond to US SEC should write an email to the agency before 14th Feb. And SEC requests all the participating companies to mention their capabilities.
Earlier in the August month of the year 2018, An agent working in the US Drug Enforcement Administration (DEA) noticed that agency could track the cryptocurrencies that are more focused on privacy. Agent says that blockchain provides us so many tools by which we can easily recognize people. She further states that she wishes all the people keep using blockchain.
Scott Kupor, a Managing Partner at Andreessen Horowitz, also advised in June month of 2018 that popular cryptocurrency Bitcoin is the best friend of the law compliance. This is because it can track illegal transactions on the blockchain.
The blockchain is a digital ledger that records any kind of transaction that cannot be tampered. Moreover, all the transactions can be tracked easily. So, being an immutable and digital asset blockchain has been the most popular technology of this decade.
This innovative technology is revolutionizing industries from various sectors such as healthcare, logistics, medicines, and finance.