Place this under things that you could not say two years ago: blockchain technology is ripening, and its potential for consistent,, The use of the dominant current increases.
“Banks are in the state where they envision blockchains such as public infrastructure on which they need to count”, ” Chain-analysis Co-founder and CEO Jonathan Levin said to Karen Webster.
In particular, Levin said that the adoption of Stablecoins is one of the most important changes in the use of blockchain, at least since the start of the chain chain in 2014. The change has been monumental. Now hundreds of billions of dollars move through the blockchains while be Stored in traditional financial institutions such as banks or treasury bills in the United States.
“When we started the company in 2014, it was not yet a concept,” he said. “The cryptocurrency only meant blockchains that had native cryptocurrency tokens. Today, people put everything types of Financial instruments on blockchain, including the US dollar. »»
However, the challenges remain around global policy frameworks and The integration of Simultaneous advances such as artificial intelligence in chain ecosystems.
There is a push for a federal frame around the stablecoins, and it is important For industry confidence Levin said.
“Without a federal framework, it is incredibly difficult For financial service companies and international companies to really get comfortable In The use of large-scale stablecoins, “he said, adding that, as the conversation around cryptographic regulations are evolving, giving clarity, compliance and insight will become more critical.
The rise of stablecoins and the evolution of adoption models
Chainalysis, a blockchain data company, was founded with a mission To shed light on the traditionally opaque world of cryptocurrency transactions. More than a decade later, it has a set of data covering 70 countries, capable of providing in -depth information on how cryptography is usedabused and regulated.
Regarding The growth of stablecoins, monitoring real dollars rather than simple crypto tokens has widened the scope of blockchain surveillance. This development has transformed the blockchain of a niche technology to a traditional component of financial infrastructure, said Levin.
“What we are starting to see with West advice and SECOND Advice … is that it is something that will be possible for banks to do, “he said.” We are now following not only cryptocurrency tokens, but … real dollars who are be used To settle financial transactions, funding and payments All over the world On these rails.
However, a persistent criticism of cryptocurrency is its presumed use in illicit activitiesAnd scams and fraud remain separate challenges. Chainalysis estimates show that between $ 10 billion and $ 12 billion in cryptocurrency transactions each year are linked to scams.
Chain-analysis is positioned only To monitor the whole “chain of supply of the scam” activity “, offering an overview of how the crooks get tools and sell illegal servicesLevin said.
“We have helped the government to grasp more than $ 10 billion in cryptographic assets of the criminal product,” he said.
There was also progress Made in the fight against the use of cryptocurrencies and stablecoins for money laundering and other financial crimes.
“The cryptocurrency transactions that we have been able to link to these types of activities are in fact a lower percentage of global activity,” he said. “It started much higher, but now it is constantly less than 1% of the transactions that we can associate directly to these types of actors. “”
This decline is largely Thank you to an improvement in the regulations and the capacity of the blockchain monitoring tools to help detect more precisely transactions compared to Many traditional financial systems.
Cartoing the future of blockchain technology
An area of excitement shared by stakeholders in the web3 ecosystem is the potential of AI to improve literacy and conformity of cryptography. Despite the blockchain in the incursions to dateMoveds widespread on the opacity of technology persist.
“Even people who plead for technology … do not also argue for the fact that cryptocurrency was much more effective as a tool for the two companies identifying risky activity, bad customers of their platforms and the police can keep the crooks to account,” said Levin.
Chain-analysis itself continues to invest in the education of companies on How does the blockchain workUsing AI to simplify complex concepts for regulators and industry participants.
“I am very optimistic about The potential of AI to really contextualize some of the transactions and concepts for people“Said Levin.
“We still have work to do,” he added. “But progress is real. And the potential is enormous.”
