After successfully finishing its transition from testnet to mainnet in December 2021, Creata Chain has released v1.0 MVP model of KYT (Know-Your-Transaction).
Based on a hybrid consensus algorithm of DPOS and PBFT called ‘Augusteum Core’, Creata Chain’s goal has been to perfect interoperability to overcome blockchain scalability issues.
Moreover, Creata Chain has actively pursued the development of web 3.0 dapps in order to build an infrastructure that can energize the blockchain industry and expand its ecosystem. Creata Chain is also focusing on continuous improvement of the development environment such as smart contract platforms and SDKs with the release of its Wallet v.1.0 for mobile and web.
In relation to the safety and security of cryptocurrency assets, on July 7, 2023, Creata Chain announced the launch and operation of KYT (Know-Your-Transaction) DApp model v1.0 to prevent money laundering and fraudulent transactions.
“As money laundering and fraudulent transactions are on the rise, Creata Chain aims to keep assets and blockchain safe,” said Jennifer Jin K., CEO of Singapore-based Creata Chain. “The main concern is not to scrutinize individual customers, but to monitor the flow of funds through the address to determine the legitimacy and legality of the transaction,” adding that Creata Chain’s KYT Dapp model is an efficient solution to secure the unique advantage of blockchain, the anonymity.
Events to date have shown that KYC (Know Your Customer) alone is not sufficient to maintain long-term customer risk assessment, and that it is essential to incorporate ongoing due diligence to accurately gauge customer risk levels.
“Since recognizing the dynamic nature of the identity landscape and the need for continuous due diligence on its customers, we decided to include KYT as part of the AML (Anti-Money Laundering) measures to combat financial fraud,” said a Creata Chain official. Therefore, Creata Chain’s KYT transaction monitoring which enables real-time monitoring of transaction history may prove to be the most desirable alternative approach to achieve all AML activities while providing a seamless experience to customers.
Furthermore, KYT modules are tools that provide organizations with the analytical tools necessary to detect and uncover suspicious or fraudulent transactions, including investigating a person’s background and transaction history, and establishing links between customer or investor profiles and transactions to identify and prevent illegal activity.
The addition of the new KYT module to KYC is expected to provide a solid foundation for overcoming the limitations of cryptocurrencies that can be used for international money laundering and illegal transactions, and to prove that the blockchain ecosystem is an efficient and industry-appropriate solution. (More detailed KYT features to follow).
To learn more about Creata Chain Network’s platform, click here or visit www.creatachain.com
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