Home Blockchain OK Group inks deal to help China fight money laundering with blockchain

OK Group inks deal to help China fight money laundering with blockchain

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OK Group has partnered with police in Nanjing metropolis to assist fight cash laundering by its blockchain options. The corporate revealed that its blockchain intelligence resolution has already helped Chinese language police get better 10 billion yuan ($1.5 billion) in unlawful funds and crack dozens of circumstances.

Regardless of rampant crackdown on block reward mining actions, China nonetheless backs blockchain know-how and sees it as an enormous a part of its digital future. In March, the nation launched its nationwide five-year coverage plan, mentioning blockchain for the primary time as one of many applied sciences that the nation will concentrate on within the subsequent half-decade.

One of many areas that China has been looking for to use blockchain know-how is to fight cash laundering. OK Group has been one of many large gamers on this discipline, with its options already serving to authorities crack down on a number of criminals.

Now, OKLink, considered one of its subsidiaries has partnered with police in Nanjing, the capital of China’s japanese Jiangsu province. In response to a press release by OK Group, OKLink will work on “public safety and social governance” by way of blockchain.

OKLink and Nanjing’s Public Safety Bureau will arrange a analysis lab that may concentrate on on-chain knowledge evaluation, expertise coaching and danger management, the press launch said.

Whereas the main focus will primarily be on combating cash laundering as soon as the mission launches, the 2 entities will broaden their scope in due time to concentrate on blockchain-based social governance and public safety.

“This transfer is geared toward accelerating the efficient touchdown and software of blockchain know-how within the fields of public safety, social governance, and so on. in order to understand the sound and fast growth of the actual financial system by the empowerment of blockchain,” OK Group said.

OKLink has been working with Chinese language authorities for a while now, permitting them to leverage blockchain know-how to battle crime. According to OK Group, its Chaintelligence resolution has assisted police in Jiangsu, Shanghai, Hangzhou, Sichuan and Interior Mongolia to ‘crack dozens of circumstances involving foreign money and cash laundering, and efficiently recovered belongings price tens of billions of {dollars}.’

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