Coinalytics Unveils Data Science Layer for the Blockchain; Announces Seed Funding
Unveiling a data science layer for the blockchain that lets participants in markets like Bitcoin analyze data and uncover hidden relationships, Coinalytics today invited data-intensive enterprises to derive newfound real-time business intelligence and risk assessment from blockchains and decentralized applications.
“The maturation of a market is often defined by its ability to provide analysis and insight on transactions and developments”
The new intelligence layer applies advanced machine learning and distributed systems to cryptographic platforms, enabling enterprises in a variety of industries like online payments, financial services and decentralized applications to make smart decisions in real-time, while maintaining data privacy and trust.
The company also announced today that it has received initial seed funding from The Hive, an incubator for start-ups developing technology for data-intensive enterprises.
“The maturation of a market is often defined by its ability to provide analysis and insight on transactions and developments,” said Fabio Federici, CEO of Coinalytics.
“Our platform offers enterprises a real-time ability to convert information into action that will break down a significant barrier for mainstream adoption of the blockchain.”
The “blockchain” is a term used to define a global system of record that offers provable trust through a decentralized peer-to-peer network, and is secured by its large and distributed array of aggregated computational power. A blockchain is most notably used to capture and record Bitcoin transactions, but has recently become an option for other transaction-driven users, like investment banks.
However, traditional data analytics approaches are incompatible with the blockchain due to the blockchain’s lack of a central data source, its pseudonymous data model and the way the network reaches consensus.
Coinalytics’ platform uses advanced pattern recognition and real-time online learning to mine data and provide business and risk intelligence on transactions in real-time, even before a transaction is confirmed by the network.
The platform’s data infrastructure is architected to scale to the scope of any decentralized network, while also augmenting the blockchain’s privacy and trust.
“The concept of a blockchain is expanding rapidly into classic early technology adoption industries like financial services, supply chain management and the Internet of Things,” said Mr. Federici.
“We believe that growth will be fueled by an ability to assess risk and make better business decisions, and we anticipate Coinalytics will be an instigator of that ability.”
The seed funding from The Hive will be used to expand the company’s technology and sales teams and fuel general company growth.
About Coinalytics
Coinalytics is a Palo Alto-based startup that is turning blockchain data into actionable insights and real-time intelligence. Founded by a team of entrepreneurs with security and data infrastructure backgrounds at Google and Amazon Web Services, Coinalytics was accelerated by 500 Startups before raising a seed round led by The Hive.
Related News
Coinalytics has raised $1.1m as part of a seed round led by Palo Alto-based incubator The Hive. Founded in April 2014, Coinalytics describes itself as a "real-time intelligence service" for blockchain platforms. Today, the startup enables clients in the bitcoin industry, including undisclosed payment processors, wallet providers and exchanges, to conduct risk assessment through blockchain analysis. Coinalytics CEO Fabio Federici told CoinDesk: "We're not building the infrastructure. But, if someone is accepting bitcoin, we can provide them ways to understand their users better." Federici....
Financial compliance authority Juan Llanos is joining blockchain analytics firm Coinalytics as the executive vice president of business development. There, Llanos will be charged with establishing partnerships for the blockchain intelligence startup and working with customers at all stages, from initial engagement to onboarding to developing new solutions on top of the platform. The role “is a convergence of my passion with an opportunity,” Llanos said, noting he has been studying data mining and machine learning for transaction monitoring, even helping to build some of these monitoring....
Coinalytics, the blockchain analytics company has recently rebranded itself to Skry and added new members to the team as well. Coinalytics, the blockchain analytics and intelligence company has now started to call itself Skry. The company started in Palo Alto, California by the trio- William Gleim, Fabio Federici, and James Edwards has made its name change public in a recent press release. The company has been offering blockchain, big data, and artificial intelligence services to financial institutions since the past two years. The company started in April 2014 is one of the few companies....
Casa, which provides a range of bitcoin custody services, raised $4 million in a seed round led by industry-focused firm Avon Ventures. The post Bitcoin Custody Provider Casa Announces $4 Million Raised In Seed Funding appeared first on Bitcoin Magazine.
Decentralized record-keeping startup Factom Inc. has raised over $1 million ahead of the closure of its first funding round on 22nd July tomorrow. The funds have been raised through a crowdsale on BnkToTheFuture.com, a FinTech-based global online investment platform which has reportedly attracted over 300 investors to the Texan data storage company. Originally, Factom had planned to attract a minimum of $642,000 by July 22nd. But soon upon hitting its expected figures, the company's chairman, Mr. David A. Johnston, decided to continue into "over funding". "During the "over funding" period....