Four Inc. has partnered with Chainalysis to equip government agencies with the necessary tools to monitor, analyze and combat illicit activities within blockchain networks.
This collaboration brings together Four Inc.’s capabilities as a top 100 government contractor and Chainalysis’ blockchain analysis and investigation platform to enhance blockchain analysis in the public sector, Four Inc. said in a Tuesday (Aug. 29) press release.
The increasing prevalence of cryptocurrencies and blockchain technology has made it imperative for government agencies to stay ahead in the fight against financial crimes, according to the press release. Chainalysis offers a cutting-edge blockchain data platform that enables agencies to gain valuable insights into cryptocurrency flows, identify illicit activities and track funds across multiple blockchains.
Chris Wilkinson, executive vice president of sales for Four Inc., said in the release that the partnership fills a gap in the company’s cybersecurity portfolio and brings state-of-the-art blockchain analysis capabilities to the public sector channel.
Chainalysis’ blockchain data platform boasts a range of features designed to support investigations and compliance efforts, according to the release. By utilizing advanced algorithms and machine learning techniques, the platform can trace transactions across blockchains, identify suspicious activities, and generate actionable intelligence. It allows users to understand the full lifecycle of transactions, identify high-risk entities, and collaborate with other agencies through data sharing.
The firm has established itself as a prominent player in the blockchain data industry, providing data, software, services and research to government agencies, financial institutions, insurance companies and cybersecurity firms worldwide, the release said. Its data has been instrumental in solving high-profile criminal cases and ensuring the safe use of cryptocurrencies by consumers.
Four Inc.’s expertise in the federal IT contracting process and its extensive network of manufacturers and partners make the firm well-suited to offer Chainalysis’ blockchain analysis capabilities to government agencies, per the release.
Illicit crypto transactions hit a second consecutive all-time high in 2022, reaching $20.6 billion, compared to the sector’s previous high of $18.1 billion in 2021, Chainalysis Head of Research Kim Grauer told PYMNTS’ Karen Webster in an interview posted in March.
“Scammers aren’t going to go away,” Grauer said. “Where there’s an opportunity for investment, someone will exploit that — it’s a fact of our world, and it exists in traditional finance too.”