DOP Integrates Chainalysis and Combats Crypto Frauds

imagePartnership Between DOP and Chainalysis DOP and Chainalysis partnering is a great move. On one side, DOP already gives you control over your data. You decide how much information you want to share about your transactions. This can include personal information, like your ID information. So, we do like blockchain transparency. However, there’s also a limit to how much information about yourself you wish to be available. There are good reasons for this as well. For example, having your ID number available on a public ledger can lead to fraudulent use of your ID. Bad actors are always on the lookout for any scraps of information they can use to their advantage. That’s precisely where DOP comes into the picture. With this new Chainalysis partnership, DOP upped the ante. This partnership adds an extra defense layer to protect their network. For example, Chainalysis adds improved security checks. This, in turn, also includes automated screening of wallets and addresses. It also answers Senator Elizabeth Warren’s accusation of crypto financing used by terrorists. Aside from the fact that terrorists use more fiat in the form of physical cash than crypto to fund any of their activities. Chainalysis can block out terrorist financing with crypto. It even has a much wider use case, which includes blocking money laundering. At the same time, it also manages to remain compliant. DOP is serious about finding compliant solutions that are useful for everyday people. Thus, giving a clear signal to regulatory departments. How Does It Work? This is a breakdown of how the partnership between DOP and Chainalysis works. Immediately upon receiving a transaction, Chainalysis checks the DOP wallet. If the transaction shows illicit origins, it raises a red flag. Chainalysis refuses the funds’ entrance to the wallet. As such, it denies the assets entrance into the DOP ecosystem. On the other hand, Chainalysis waves funds through that receive a green flag. In specific cases, a specialized DOP team can take further action. They will track down the routes and origins of the funds. Both platforms will dive deeper into transaction details. Chainalysis offers, among others, an updated information source in real-time. This tracks any suspicious on-chain activities around the clock. This results in a positive chain reaction. It brings bad actors to justice, where they will face the consequences of their actions. Criminals will find it harder to cash out their stolen assets. This increases the daily user’s confidence. As a result, credibility levels increase, which attracts institutional interest. In case you missed the DOP testnet, here’s a video explaining how to use it. Taking part will also qualify you for their airdrop. https://doptest.dop.org?id=TXzXmJ8 Conclusion The partnership between DOP and Chainalysis stops bad actors at the source. They can’t enter their stolen assets into the DOP ecosystem. At the same time, you keep control of how much information you want to share in a compliant way. Disclaimer ; Not financial advice.