Chainalysis unveiled an anti-money laundering (AML) compliance solution for stablecoins called Know Your Transaction (KYT), the company said in an announcement. The product seeks to track stablecoins through every transaction, with the inclusion of redemption and issuance. Chainalysis COO Jonathan Levin said in the announcement, “The repeated knock against cryptocurrency is its volatility, and trust in stablecoins could lead the way to increased commercial use.” As it stands, stablecoins have more than $3 billion in market value amid their rising popularity.
In other news, Robinhood got the green light to trade seven digital currencies — such as bitcoin and litecoin, among others — in New York state, Reuters reported. The state’s Department of Financial Services also gave the go-ahead for a money transmission license for the firm. Robinhood, a brokerage platform for stocks and exchange-traded funds (ETFs), also has a crypto offering in over 30 states. In the months to come, the company plans to enable users to buy and sell — as well as store — digital currencies.
IBM has teamed up with banks and insurers to create a blockchain system for the healthcare space, according to an announcement. The collaboration includes Big Blue, along with Anthem, Aetna, PNC Bank and Health Care Service Corporation. Through the efforts, members are planning to tap into the technology for payment and claims processing, as well as other tasks. Aetna Chief Technology Officer Claus Jensen said, “Through the application of blockchain technology, we’ll work to improve data accuracy for providers, regulators and other stakeholders, and give our members more control over their own data.”
On another note, the public health graduate school at Harvard University, along with Levi Strauss and New America, have joined together to create a system based on blockchain, Reuters reported. Through the effort, three factories that make Levi Strauss goods in Mexico plan to use an annual worker survey enabled with blockchain technology this year. Tomicah Tillemann, the founder of New America’s Blockchain Trust Accelerator (BTA), said per the outlet, “Providing a secure, standardized, auditable and transparent platform through which worker survey data can be aggregated and analyzed will be possible with this solution.”