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Know Your Transaction (KYT) – The KYC Of Blockchain

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KYT On The Rise!

We all have heard about Know Your Customer (KYC). Possibly, some of us may also be aware of KYT (Know Your Customer). But how likely have you experienced it in action?

Lately, KYC has become the benchmark for crowdsale registration and exchange verification. But it now seems like, we have a new KYC which is on the rise i.e. KYT, a KYC form for Blockchain. The usage and advantages of the KYT are not limited to crowdsale registration or exchange verification. Rather, it is a means to know various parameters like how clean is your crypto etc. It also threatens the users who have deemed unclean cryptocurrency.

Know How Clean Your Cryptocurrency Is?

Consequently, there are users who have deemed unclean form of cryptocurrency. Earlier, it was a myth to expect to even get an idea for from where the cryptocurrency users are accounting their coins. Undoubtedly, where was your bitcoin spent on before it was passed to the next person is none of our business. But rather, someone like it or not, KYT (Know Your Transaction) is nowhere to fetch all the details about where you use your bitcoin and from where you received. Ultimately, this procedure helps to know whether the bitcoin you are holding is clean or not.

If in case, the details remain, unchecked, KYT would create a two-state bitcoin. One of the highways will indicate for the verified bitcoin and other will reflect the unverified one with ‘dark money’. Further, apart from all the good or bad points of KYT, there are various companies which are now synonymous with the rise of Know Your Transaction. One such company is Chainalysis.

The company has a specialization in following the money trail through the blockchain. Also, the company is a bit controversial one. On one side, the software of the company has helped in tracing the movements of Mt Gox’ stolen bitcoins. But at the same time, the crypto users are repelled by their idea of recording each and every transaction.

Moreover, Chainalysis is not the only company which is using the platform of KYT. To be noted, it is now a common business for the crowdsales to maintain a record regarding from where their investors are raising their funds. This is just a means to ensure that they are not indulged in any kind of illegal means. And thus, KYT is a major platform offering this facility to a number of people.

 

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