Bisnode, a leading European Data & Analytics company, is teaming up with blockchain startup Coinfirm to bring a new era of blockchain, business intelligence and compliance services to the market.

With more and more entities adopting blockchain and digital currencies, the urgency for a service that efficiently provides enough transparency and risk analysis for businesses and institutions to properly follow requirements also rises. The integration of Bisnode's global database with one of the largest structured blockchain database's that sits behind Coinfirm's platform addresses this issue with a powerful one-stop shop solution.

“A major player in blockchain compliance and analysis and a major player in business intelligence and data analysis coming together is an obvious powerful combo that affects both the traditional and blockchain related business equation," said Pawel Kuskowski, CEO & Co-Founder of Coinfirm. "Not only is it taking AML, KYC and compliance for the growing digital currency and blockchain ecosystem into the next sphere but also doing the same for the overall compliance and business intelligence world. It’s a no-brainer for both of us and for what the market needs and will increasingly need.”

The two companies are currently integrating solutions and data to jointly begin offering services such as Compliance as a Service for digital currency-related companies, AML/KYC compliance and risk assessment with combined analysis over traditional and blockchain based assets, providing verifiable information for external auditors about blockchain assets, and enhancement of anti-fraud investigations.

Coinfirm platform’s main service addresses AML risk and compliance for bitcoin's public blockchain. It will deliver clear actionable insights like risk ratings and recommendations that streamlines compliance and significantly reduces costs and risk around blockchain transactions. Companies will now be able to run complete analysis and compliance for both traditional and blockchain-based systems through a single service and do so with a level of efficiency unlike before.

“[N]ot only does the partnership add a new element to managing risk and compliance for both systems but allows digital currencies and blockchain transactions to be more widely and institutionally adopted while being easier to use for everyone involved”, according to the official release.

In addition, a combined API is also in the works that will provide the ultimate compliance solution with complete integration of traditional and blockchain-related assessments.