Parsiq: Blockchain Protection Safety to Detect and Prevent Fraud
What Is Parsiq?
PARSIQ is a comprehensive and modular blockchain monitoring and analytics platform that seeks to solve one of the major problems in the cryptocurrency and blockchain ecosystems—the lack of enough monitoring and analytics tools.
The platform will address this challenge by providing users with a transparent method of acquiring analytical data on the transaction history of different blockchains. The platform also provides users with the ability to monitor accounts, transactions, and their blockchain state in real-time.
The PARSIQ system features centralized and distributed components that combine transaction backlog processing service with decentralized monitoring of unconfirmed transactions. The system can monitor transactions using virtual machines that utilize event types to classify the transactions.
How Parsiq Blockchain Safety to Detect and Prevent Fraud Works
Asset tracking and forensics is the core function of the PARSIQ platform, which is accessible by all users where they undertake forensic analytics, investigate transactions history, create forensic cases, study previous hacks and theft incidents.
PARSIQ has a wallet protection feature that monitors the user’s wallet and identifies any transactions that are not initiated by the user. In case any unauthorized transactions or activities are identified, a notification is sent to user through SMS or through the mobile app and they will have the option of freezing the funds.
This feature can also be used between users and service providers, as it monitors smart contracts and wallets for cyber-attacks or exploit executions. When there is a breach, PARSIQ will alert the contract owners and inform them of where the tokens were transferred to thus solving the problem of cryptocurrency theft.
PARSIQ Market Intelligence (MI) provides users with crypto asset investments analytics acquired for tracking market movements before they occur, tracking trends based on actual transactions, and cross-correlation of news and prices with blockchain transactions. The MI can be set to send users’ alerts when certain actions occur and enable them take the necessary action in advance.
The PARSIQ scoring system is integrated with an advanced algorithm that can analyze wallets, search for connections with other wallets, and any activities associated with the wallets in order to identify any fraudulent behaviors before the user executes the transaction.
Monitoring And Tracking
PARSIQ provides consumers with an additional security layer by enabling them to monitor their cryptocurrency wallets and track their assets. Businesses can also use the platform to monitor their mulitsig wallets as well as track transaction history as a means of customer profiling.
Prediction Of The Market Movement
Using PARSIQ, traders will have the ability to use blockchain data to predict market movements. The traders will also have the opportunity to use real-time market tracking to identify market movements that might provide insights on market activity, which they can use to make profitable trading decisions.
Curbing Of Illegal Activities
Law enforcement agencies and governments can use the forensic analytics modules on PARSIQ to investigate any blockchain related cyber security incidents or attacks and track the individuals behind it or use the platform to track any payments made in support of illegal activities such as terrorism or money laundering.
From the blockchain information available on PARSIQ, blockchain researchers from various fields of study can acquire relevant information on blockchain usage that will prove useful to their particular purpose.