In light of global trade restrictions against Russia, Chainalysis has introduced two new tools for helping businesses ensure that they don’t interact with sanctioned entities through blockchain.
Enforcing Sanctions in Crypto
The first of these tools – according to a statement from the company – is an on-chain oracle. The smart contract will store data from economic embargo lists provided by various western authorities like the US, EU, or United Nations. The oracle may be easily called by other smart contracts to validate any blockchain wallet before interacting with it. This tool was released yesterday.
The second tool – an API tool for web/mobile user interfaces – will source the same data for validating wallets, and is expected to be released next month.
Chainalysis made clear its support of Ukraine over Russia in the recent conflict, emphasizing the crypto industry’s need to be on “the right side”. As such, its new tools are free to use.
“These innovations are avai
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