Chainalysis, the blockchain analysis company based in New York, has joined Smart Contract Security Alliance (SCSA), a coalition of blockchain-related companies to develop accepted standards for creating and evaluating the security of smart contracts.
The smart contract security alliance (SCSA) announced the news in a press release published Monday May 12th. According to the announcement, Chainalysis will provide “data-driven thought leadership with the alliance for businesses to better understand the risks and opportunities related to cryptocurrency crimes and markets.”
The members of Smart Contract Security Alliance (SCSA) collaborate for the release of each article. According to SCSA, Chainalysis will help grow this library body of articles for long term industry guidance and standards.
The addition of Chainalysis to Alliance is of much importance. According to SCSA, Chainalysis has joined Fujitsu R&D Center, NRI Secure, MythX, Blockgeeks, Layer X, the National University of Singapore Crystal Centre School of Computing, and Quantstamp Chainalysis, founded in 2014, aims to help government agencies, cryptocurrency businesses, and financial institutions engage confidently with cryptocurrency. The company develops compliance and anti-money laundering software for crypto business.
Chainalysis KYT, its compliance tool, enables cryptocurrency businesses and financial institutions to monitor large volumes of cryptocurrency activity and identify high risk transactions in real-time.
Chainalysis Reactor, an investigation software developed by the company, connects cryptocurrency transactions to real-world entities, enabling law enforcement agencies to combat criminal activity on the blockchain.
Jason Bonds, chief revenue officer of Chainalysis, stated:
“Chainalysis exists to build trust in blockchains, and one of our strategies to do that is to demonstrate their transparency by offering insights into cryptocurrency activity. We are excited to join the SCSA to further generate awareness of cryptocurrency’s use and misuse.”
The Smart Contract Security Alliance (SCSA) is an alliance of big names of Blockchain industry that work in collaboration to recommend security standards and guidelines for smart contracts. The SCSA believes that the standardization of security evaluations will facilitate compatibility, accountability, interoperability, research, and credibility for all industry participants.
Richard Ma, CEO of Quantstamp, the leading blockchain security company based in San Francisco and a founding member of the Smart Contract Security Alliance, commented:
“We are trying to build the standards. Over time, more companies will join the SCSA and provide part of their codes and policies; insights on cryptocurrency crime from the leading blockchain analysis company is a welcome addition to SCSA’s deep blockchain security expertise.”