OK Group inks deal to help China fight money laundering with blockchain

OK Group inks deal to help China fight money laundering with blockchain

OK Group has partnered with police in Nanjing city to help combat money laundering through its blockchain solutions. The company revealed that its blockchain intelligence solution has already helped Chinese police recover 10 billion yuan ($1.5 billion) in illegal funds and crack dozens of cases.

Despite rampant crackdown on block reward mining activities, China still backs blockchain technology and sees it as a big part of its digital future. In March, the country released its national five-year policy plan, mentioning blockchain for the first time as one of the technologies that the country will focus on in the next half-decade.

One of the areas that China has been seeking to apply blockchain technology is to combat money laundering. OK Group has been one of the big players in this field, with its solutions already helping authorities crack down on several criminals.

Now, OKLink, one of its subsidiaries has partnered with police in Nanjing, the capital of China’s eastern Jiangsu province. According to a press release by OK Group, OKLink will work on “public security and social governance” via blockchain.

OKLink and Nanjing’s Public Security Bureau will set up a research lab that will focus on on-chain data analysis, talent training and risk control, the press release stated.

While the focus will mainly be on combating money laundering once the project launches, the two entities will expand their scope in due time to focus on blockchain-based social governance and public security.

“This move is aimed at accelerating the effective landing and application of blockchain technology in the fields of public security, social governance, etc. so as to realize the sound and rapid development of the real economy through the empowerment of blockchain,” OK Group stated.

OKLink has been working with Chinese authorities for some time now, allowing them to leverage blockchain technology to fight crime. According to OK Group, its Chaintelligence solution has assisted police in Jiangsu, Shanghai, Hangzhou, Sichuan and Inner Mongolia to ‘crack dozens of cases involving currency and money laundering, and successfully recovered assets worth tens of billions of dollars.’

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