OKLink collaborated with Nanjing Police on AML blockchain

• OKLink has collaborated with Nanjing police to research blockchain’s potential in finding scammed crypto
• The partnership aims to tackle anti-money laundering only
• Chinese authorities are bullish on blockchain technology
• The partnership will establish an R&D lab focusing on the on-chain data analysis, risk control, and talent training
• A Chinese reporter claimed that the authorities are highly motivated as the busted crypto funds will help them make money for their department

OKLink is a blockchain technology and service provider. The firm is focused on the research and development of technology. In addition, the Group offers infrastructure services for the emerging blockchain industry. Recently, the Group announced that it would work with the Nanjing police. In collaboration, both the Group and the authorities will research the use of blockchain technology in anti-money laundering (AML). Indeed, the factors show that although the government’s crackdown over crypto firms, the underlying technology remains their favourite.

What does the latest partnership aim for?

OK Group’s subsidiary OKLinkis the best multi-crypto blockchain explorer and search engine. The subsidiary’s blockchain explorer allows its users to explore transactions, addresses, mining pools, decentralized finance data, and other blockchain activities.

However, the firm will now be working on public security and social governance blockchain applications. According to a representative from the blockchain firm, the partnership aims to tackle AML instead of everyday policing.

China bullish on blockchain technology

The Chinese financial regulators have stricken the regulations regarding the crypto industry. In the recent crypto market crash, it was found that Chinese regulatory concerns were one of the most prominent reasons.

Recently, regulators also banned crypto companies operating in the region. Moreover, the government also restricted crypto mining operations in which the country used to dominate globally.

Despite the government’s crackdown on the cryptocurrency industry, they are ready to embrace blockchain technology. Moreover, the technology has been declared the strategic one in the nation’s latest Five Year Plan published in late Q1 2021.

R&D lab on blockchain data analysis

Nanjing Police’s Public Security Bureau will set up a Research and Development lab with OKLink. The lab will take its name from Chaintelligence, the blockchain firm’s flagship security tool that helps track illegally obtained crypto assets. The lab will be focused on on-chain data analysis, risk control, and talent training. 

According to OKLink, Chaintelligence has previously helped authorities in the five Chinese provinces. Moreover, the toll helped crack dozens of cases and recovered more than 10 billion yuan ($1.5 billion).

According to Chinese reporter Colin Wu, the authorities are highly motivated as the busted crypto funds will help them make money for their department.

Ahtesham Anis