[Business Wire] COINALYTICS UNVEILS DATA SCIENCE LAYER FOR THE BLOCKCHAIN; ANNOUNCES SEED FUNDING
Start Up Offers Real-Time Analysis and Insight on Decentralized Platforms, Enhancing Applicability for Myriad Data-Intensive Enterprises
Palo Alto, Calif., September 10, 2015 — Unveiling a data science layer for the blockchain that lets participants in markets like Bitcoin analyze data and uncover hidden relationships, Coinalytics today invited data-intensive enterprises to derive newfound real-time business intelligence and risk assessment from blockchains and decentralized applications.
The new intelligence layer applies advanced machine learning and distributed systems to cryptographic platforms, enabling enterprises in a variety of industries like online payments, financial services and decentralized applications to make smart decisions in real-time, while maintaining data privacy and trust.
The company also announced today that it has received initial seed funding from The Hive, an incubator for start-ups developing technology for data-intensive enterprises.
“The maturation of a market is often defined by its ability to provide analysis and insight on transactions and developments,” said Fabio Federici, CEO of Coinalytics. “Our platform offers enterprises a real-time ability to convert information into action that will break down a significant barrier for mainstream adoption of the blockchain.”
The “blockchain” is a term used to define a global system of record that offers provable trust through a decentralized peer-to-peer network, and is secured by its large and distributed array of aggregated computational power. A blockchain is most notably used to capture and record Bitcoin transactions, but has recently become an option for other transaction-driven users, like investment banks.
However, traditional data analytics approaches are incompatible with the blockchain due to the blockchain’s lack of a central data source, its pseudonymous data model and the way the network reaches consensus.
Coinalytics’ platform uses advanced pattern recognition and real-time online learning to mine data and provide business and risk intelligence on transactions in real-time, even before a transaction is confirmed by the network.
The platform’s data infrastructure is architected to scale to the scope of any decentralized network, while also augmenting the blockchain’s privacy and trust.
“The concept of a blockchain is expanding rapidly into classic early technology adoption industries like financial services, supply chain management and the Internet of Things,” said Mr. Federici. “We believe that growth will be fueled by an ability to assess risk and make better business decisions, and we anticipate Coinalytics will be an instigator of that ability.”
The seed funding from The Hive will be used to expand the company’s technology and sales teams and fuel general company growth.
Coinalytics is a Palo Alto-based startup that is turning blockchain data into actionable insights and real-time intelligence. Founded by a team of entrepreneurs with security and data infrastructure backgrounds at Google and Amazon Web Services, Coinalytics was accelerated by 500 Startups before raising a seed round led by The Hive.