NexBloc will use BCypher’s forensics and profiling tools to identify risky addresses that may be used for domain acquisition
NexBloc inc. announced a partnership with BCypher, the blockchain intelligence company, to deploy their transaction monitoring capabilities for ongoing risk management within the NexBloc blockchain domain naming system (bDNS).
BCypher is a leader in blockchain analytics whose platform allows for AML verification, risk analysis, transaction monitoring, and clustering of addresses across any blockchain or token network. NexBloc will use BCypher to ensure a bDNS that is actively aware of risk factors associated with customers of its subscription services and buyers of domains.
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NexBloc does not censor the use of domains. Still, it does maintain a policy of actively ensuring that bad actors are limited from using its services for nefarious activities by blocking access to initially buying domains and services. Blockchain domains are NFTs that get transferred to a customer’s wallet. Once that transfer is complete, NexBloc has no way to control usage except for additional services that may be used to make the domains work, such as pinning and storage solutions.
As Dana Farbo, Founder and CEO of NexBloc, stated, “We believe in a free and open internet, and Web 3.0 allows us to use the decentralized and distributed web for new ways to manage personal and organizational data, without fear of centralized censorship. However, we also have a responsibility to protect the space from actors that may look to take advantage of the decentralized web for their illegal purposes. We can help limit that by refusing them as customers, and BCypher provides tools to help us with those goals.”
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Sudhanva Purushotham, Co-Founder and CEO of BCypher stated, “With BCypher, NexBloc has been able to bridge the gap between decentralization and platform security. bDNS is quickly becoming a complementary part of DNS, but past iterations of bDNS platforms have been prone to attackers and malicious content because of their open nature. As one of the leaders in the bDNS market segment, NexBloc sought to address this problem early and differentiate itself from the competition. NexBloc now has bDNS platform most capable of facilitating mass-adoption of the open internet and is ready to fulfill millions of new decentralized domain sales over the next few years safely and securely.”
Blockchain DNS is a core infrastructure for Web 3.0. It is transforming the digital world from a centrally managed hierarchy where tech giants, governments, and others can dictate what you see and how you use the web, whether you realize it or not. Giving power to the people using NFT based domains opens up a new world of opportunity. However, with this comes responsibility for all providers to help ensure a safe and positive ecosystem of connected DApps, websites, and people.
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