One of the major selling points of public blockchains is their immutable record, so shouldn’t catching criminal activity be just be a matter of looking at the transactions and tracking the wallets?
As it turns out, and perhaps not surprisingly, raw data from the blockchain is very difficult to use, but startup Elementus is trying to change that, going directly to the source to figure out money flows to ICOs and from exchange hacks, for examples.
Elementus is a protocol and platform that enables combining, analyzing, and programming on data from all non-private blockchains. It’s co-founder and CEO, Max Galka, is a data scientist whose previous experience includes stints as a fixed income trader at Deutsche Bank and Credit Suisse.
“The blockchain is a record of every single transaction that has ever happened in this ecosystem and thinking back to my finance days, that’s something that would’ve been invaluable to have,” said Galka.
“The prospect of being able to see every single transaction that happens and all the things that you can infer from that is just enormous.”
FTCM contacted Galka to explain how Elementus uses its proprietary technology to go straight to the blockchain in tracking money flows.