Blockchain Intelligence Group Brings BIG Capability To Law Enforcement And Banking Professionals

Photo: Blockchain Intelligence Group Brings BIG Capability To Law Enforcement And Banking Professionals

The last few months have seen a number of new Blockchain based companies pop up. Some are crypto miners, while others, like Blockchain Intelligence Group (BIG) offer more specialized services for looking at Bitcoin based transactions.

Unlike some of the companies in the 'Blockchain' space that are little more than a modern equivalent of, BIG has a very interesting service that could be scaled up to just about any organization, or used in both the public and private sector.

In essence, BIG offers law enforcement, or just about anyone, the ability to explore the Bitcoin ecosystem with a forensic level of detail. It is worth remembering that Bitcoin, among other cryptos, are a near perfect means of transacting illegal business. The now defunct Silk Road was a hotbed of Bitcoin use, and ISIS has been accused of using Bitcoin to trade internationally.

This is where BIG comes into the picture, and for any interested party, they are able to follow the transaction chain back to establish the quality of the entity one is trading with. As more people move to monetize their Bitcoin gains, the tax authorities may find that a company like BIG plays a major role in making sure Bitcoin winners pay their taxes.

BIG successfully listed on the CSE last year via a reverse merger, and raised nearly C$20 Million in their initial round of fundraising. This shows how valuable the market thinks their services may be, and there is good reason why BIG could grow steadily from here.

Wilder Than The Wild West

While Bitcoin wasn't born in infamy, it didn't take long for criminals to figure out that it was a great way to trade anonymously over the internet. This is one of the reasons why HIVE Blockchain's Frank Holmes says they are offered a premium for their 'virgin' Bitcoins, as there is no way for there to be any record of malfeasance with their freshly 'minted' Bitcoins.

This is wonderful for HIVE, but for people who bought their Bitcoins on the open market, or took them on in the early days when they weren't worth much, the services that BIG offers could be invaluable in creating trust for their digital wallet.

As BIG's CEO, Lance Morginn, stated in a recent interview in Munich, today crypto users are like banks. This means that unless there is an agency to perform due diligence, a trusting crypto trader might unwittingly be helping bad people to commit crimes. This may or may not have legal ramifications for the crypto trader, but in many places, ignorance of the law isn't an excuse for being on the wrong side of it.

Another Canadian Innovation

For as much freedom that cryptos offer their users, a company like BIG is absolutely necessary. As time goes on, and DLT becomes more mainstream, there is no telling what the analytical systems that BIG has developed could be used for.

They recently added Dr. Aaron Smith to their team, as the new head of Artificial Intelligence development. The size of the crypto space is growing all the time, and as such, the use of AI for a company like BIG is probably going to make a big difference going forward in terms of what they can offer their clients.

If you are interested in connecting with BIG, or HIVE Blockchain, the upcoming Cantech Investment Conference is the place to be. There will also be a number of other cutting edge companies who operate in the VR/AR, machine learning, artificial intelligence and drone development space.

The Cantech Investment Conference is coming up soon, and on January 31st, at the Metro Toronto Convention Center, it will open its doors to the public. Registration is now open, and if you preregister, or are a student, there are reduced prices available. In addition to leading companies, some of the brightest minds in tech and finance will be in attendance, so don't wait to register!