Tallinn. 7th June 2019 – PARSIQ today announced its monitoring and event tracking platform to address the fundamental problems of analysing complex blockchains in real-time, a problem that leads to reduced trust in the technology and increased instances of fraudulent activity.
The growth of cryptocurrencies and other blockchain-derived technologies is currently stunted by a lack of tools to monitor blockchain transactions. Currently available tools, like block explorers are lacking the automation and deep analysis features necessary to perform quality monitoring of blockchain at scale and in real-time.
The consequence of poor tooling is most visible in hot-wallet exchange hacks which can go undetected for hours and lead to the loss of millions of dollars-worth of cryptocurrencies. However, it takes other forms. For instance, in the trading of cryptocurrencies, market manipulation is rife and difficult to detect or predict.
PARSIQ, through its query language, ParsiQL, and allied technologies such as smart triggers allows insights, alerts and advanced monitoring on blockchains in real-time. With mempool monitoring, it plans to create new tools that can react to new transactions before they have been committed to the next block of a blockchain.
Hendrik Henrikson, PARSIQ Business Manager, says: “Right now, the effort and complexity associated with block explorers means that blockchains remain opaque. With PARSIQ, we are simplifying blockchain analytics, allowing automated triggers, or complex logic conditions that act in realtime to give new insights and extending the level of monitoring that is currently possible.
“Our platform will extend automation and fraud detection to the mempool layer of the blockchain, where transactions are queued before being added to the next block. We believe there is potential to use our technology to front-run unauthorised transactions – essentially stopping a crypto hack in its track by flagging it as fraudulent and alerting related parties.”
BRZ Token, a stablecoin backed by the Brazilian Real, is already piloting PARSIQ’s platform. BRZ is using PARSIQ to ensure the security and stability of operations. By analysing market activity and by providing real-time auditing, PARSIQ ensures the token’s convertibility demands are met.
Thiago Cesar, founder at BRZ Token says: “BRZ is the biggest stablecoin in Brazil, and having a reliable way to track and get notified of crypto transactions is essential for any project that has a serious commitment to security and compliance. PARSIQ’s platform is instrumental in supporting these demands by providing us with realtime monitoring of transaction activity.”
CoinMetro, a cryptocurrency exchange, is already working with PARSIQ on the compliance side for KYC (Know Your Customer), and is now looking to integrate it into the wider exchange platform to enhance security and offer value-add services.
Kevin Murcko, CoinMetro CEO, comments: “PARSIQ is a big part of our compliance strategy, the platform is already monitoring exchange deposits in real-time to ensure they come from legitimate sources. We’re now looking at deeper integration, using it to provide realtime alerts on any unusual or suspicious events on the exchange to make CoinMetro even more secure. We’re also looking at PARSIQ’s market intelligence features to give more information and market insights to our traders.”