The Coinbase exchange platform makes Blockchain-based software and seeks to license it to two U.S. government agencies, the U.S. Drug Enforcement Administration. (DEA) and the Internal Revenue Service (IRS).
Both intend to purchase these licenses for a Immediate Bitcoin software performed in the cloud on the Coinbase Analytics platform. Under the potential DEA contract, Coinbase’s software will provide identity authority for cryptographic addresses both domestically and internationally.
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How will the software be used?
The use of the product will be for compliance and global research. The company confirmed that it developed Coinbase Analytics with Neutrino technology.
The U.S. Drug Enforcement Agency (DEA) is one of the agencies seeking to license the Coinbase Analytics blockchain software.
The U.S. Drug Enforcement Agency (DEA) is one of the agencies that wants to license Coinbase Analytics software.
Under the DEA’s contract, Coinbase Analytics
„Provides investigators with identity and awareness of virtual currency addresses nationally and internationally.“
Also, Coinbase Analytics is known for its attribution accuracy in Blockchain commercial tracking tools. This is critical to avoid false positives during target identification.
However, Coinbase reiterates that
„This tool only provides them with simplified access to publicly available data and at no time do they have access to any Coinbase customer or internal data.
In addition, the IRS contract states that the IRS’s cybercrime investigation unit „requires a software tool that can assist in the tracking of various types of cryptography, not just Bitcoin“ in support of its law enforcement investigative mission. Thus, Coinbase Analytics will serve this purpose.
Neutrino is specifically mentioned here, as this tool allows the analysis and tracking of cryptographic flows. Through multiple Blockchains that offenders are currently using.
Similarly, Coinbase Analytics also provides some enhanced sensitive law enforcement capabilities. Which are not currently found in other tools on the market.