[Beginners Guide #2] PARSIQ: Main Functions

According to Lou Kerner in CryptoOracle article, one of the biggest reasons people still avoid using blockchain technologies is the lack of trust in blockchain itself. Cryptocurrencies are strongly hampered by the conviction of some people that they are used only by criminals and dubious individuals. The situation is aggravated by constant criticism from some of the most successful businessmen. In May 2018, Warren Buffett called Bitcoin a “rat poison squared.” 
It should be said that the legendary investor never criticized cryptocurrency on its merits, and therefore pursues his own interests in speaking with such loud statements.

The blockchain must be credible by its own definition. In reality, companies face trust issues at almost every step of development. 45% of PwC respondents believe that blockchain technologies are slowly being adopted because users don’t trust each other. 20% of answers were also devoted to the blockchain audit/compliance concerns.

The biggest barriers to blockchain adoption. Source

The lack of convenient tools for monitoring blockchain transactions in real time is a factor that stops people from enjoying modern technology benefits. Large companies are slowly implementing or completely avoiding blockchain solutions, and are worried about protection, law enforcement impact, or asset tracing difficulties.

Parsiq introduces modern methods of monitoring, protecting and analyzing transactions on the blockchain, defining main products:

PARSIQ Protect

Problem:

Cryptocurrency theft, hacks, phishing, ransomware are widespread.
Irreversible nature and fast transaction settlement combined with the lack of communication between users and service providers create problems where time is the crucial factor in dispute resolutions.

PARSIQ Solution:

  • Tools that provide the ability to track, flag, freeze stolen assets and report illicit activities;
  • Automated information exchange system for users, cryptocurrency exchanges and service providers.

With PARSIQ Protect you are able to monitor wallets for unauthorized activities. Our system is smart enough to identify transactions or actions that were not initiated by the user in real-time. This powerful tool is also able to monitor smart-contracts and service provider wallets for exploit executions and cyber attacks, providing safety for both businesses and private individuals interested in protecting their crypto assets.

PARSIQ Protect is more than just an alarm system — it’s a communication channel between users and service providers which is aiming to solve the problem of cryptocurrency theft and action taking when the time is of the essence.

User base:

  • Private users who want to keep their crypto funds safe;
  • Corporate users with high transaction volumes.

PARSIQ Market Intelligence

Problem:

Market manipulation, unreliable news, scams. Non-structured, enormous amounts of transparent data misses interpretation.

PARSIQ Solution:

  • Powerful analytics platform for cryptocurrency traders that uses factual blockchain data;
  • A flexible event triggering system that will help correlate events “inside” blockchains with events “outside” blockchains.

The unregulated nature of the crypto markets means that certain activities do not have to be registered and are not overseen by any authority. This leads to situations in which traders are unaware of certain caveats. 
PARSIQ can retrieve hidden and sensitive data from the blockchain, combine it with information from the outside world and offer you valuable results. It gives you the ability to predict sell-offs, identify accumulation, spot “whale” games and market makers before their actions affect your portfolio. You can use our Market Intelligence dashboard to study ICOs that are currently trending based on actual blockchain data, track when and where collected funds are sent to, and study statistical data to make wise investment decisions.

User base:

  • Private users who trade and invest.
  • Corporate users who trade and invest.

PARSIQ Forensics

Problem:

  • Cryptocurrency theft cases, security breaches involving cryptocurrency theft, “cold” theft cases and illicit activities are widespread
  • Forensic/analytical tools and concepts are not available to the public.

PARSIQ Solution:

A set of scoring/forensics/analytics and intelligence gathering tools that interact with each other that are available to the public.

Asset tracking functionality is central to the whole PARSIQ platform and is used by all modules. However, the blockchain forensic module exposes the functionality to both businesses and private users, in order to allow lower level forensic analytics. You can investigate transactions, create forensic cases, study hacks and theft incidents — even ones that are complicated. Transaction visualization and our one-click report generation feature provides the ability to easily understand and connect the dots in the researched case. Our forensic module provides a large variety of filters allowing detailed customization based on the search criteria.

User base:

  • Corporate users;
  • Law Enforcement;
  • Forensic Scientists;
  • Investigators
  • Private users

Inspired by the features listed? We have more to come! Stay tuned to find out the unique features of PARSIQ Smart Triggers in the next article.

For more information: www.parsiq.io

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