Categories: Bitcoin Business

CipherTrace Unveils Travel Rule Protocol for Cryptocurrency Businesses

Click here to view original web page at bitcoinmagazine.com

Blockchain security firm CipherTrace has formally announced the release of its Travel Rule Information Sharing Architecture (TRISA); a new way for cryptocurrency businesses to satisfy regulatory pressure to enforce the travel rule, which requires financial institutions to share information of fund transfers.

TRISA is described as a reference implementation that can be integrated into cryptocurrency exchanges and wallet provides, provided for free as open-source software. Additional authentication, revocation or security services can then be purchased from CipherTrace or another provider. More details about how it works technically can be found in its white paper.

Growing Pressure for a Cryptocurrency Travel Rule

CipherTrace’s TRISA protocol comes as pressure has been building for cryptocurrency businesses to comply with the travel rule and it isn’t the firm’s first bid to bolster compliance. After the Financial Action Task Force (FATF) finalized recent recommended guidelines for cryptocurrency exchanges, which included information sharing similar to that called for by the travel rule, CipherTrace partnered with Shyft to unveil a new ID protection system in July 2019.

Dave Jevans, CipherTrace’s founder and CEO, detailed how TRISA builds on some of the previous work that CipherTrace has done.

“[TRISA is] a foundational layer that will set up the trust relationships between VASPs [virtual asset service providers], manage the encryption keys and confidentially exchange travel rule data,” he told Bitcoin Magazine. “It is about secure, reliable delivery of PII [personally identifiable information] to the correct VASP, which eliminates a huge risk for exchanges.”

In addition to framing TRISA as a way to protect privacy while complying with regulations, Jevans pointed out that Shyft will “contribute privacy-preserving features to enable compliance with GDPR and other privacy regimes” as it is implemented.

Privacy-Preserving Cryptocurrency Travel Rule Compliance

The FATF’s recommendations would make it necessary for all VASPs to share and store both sender and receiver data for all cryptocurrency transactions, and TRISA aims to make connections between these VASPs more secure.

“TRISA is about confidentiality and ensuring reliable delivery of transaction information,” Jevans said. “The reference implementation relies on the VASPs to secure the data in their possession — i.e., ‘at rest.’ It guards against information leaks by using TLS 1.3 with forward privacy to encrypt data in transit.”

The company’s announcement of the protocol notes that Binance is already looking at TRISA as a solution for FATF compliance.

“We have witnessed significant interest from large VASPs in the G20 countries,” Jevans said, adding that CipherTrace “hope[s] to have several major exchanges participate in the upcoming proof of concept and interoperability testing.”

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Futures Contracts Headed Our Way in Early 2020

Futures exchange operator CME group has announced that it plans to begin offering bitcoin futures contracts starting in early 2020.… Read More

4 hours ago

History Suggests Bitcoin is Currently in Early Stages of Next Bull Run

After briefly incurring a significant influx of buying pressure, Bitcoin (BTC) has once again lost its momentum and is now… Read More

4 hours ago

Blackstone CEO Sees Blockchain’s Merit, But Is Not a Fan of Bitcoin

The traditional investment world has largely found itself split on whether or not Bitcoin and other cryptocurrencies constitute sounds investments,… Read More

4 hours ago

Crypto Tidbits: Bakkt Bitcoin Futures Inbound, NASA Hints at Blockchain Ambitions, Libra in Hot Water

Another week, another of Crypto Tidbits . While Bitcoin (BTC) effectively ended the week where it started in terms of… Read More

4 hours ago

Is Bitcoin Diamond growing in popularity?

Bitcoin Diamond (BCD) is a late-2017 implementation of the Bitcoin protocol that offers a larger supply, bigger block size, and… Read More

4 hours ago

3 Proven Methods To Earn Money Online With Bitcoin

It's possible to pay your bills with money earned from the cryptocurrency market. Everyone can generate additional income, or even… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More