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BlockTrail will compete with the likes of Blockchain.info and Blockr to give people insight into cryptocurrency transactions and network data. As CEO Boaz Bechar told me on Monday, BlockTrail ultimately intends to gun for institutional and governmental customers, as well as developers who want to plug into the operation’s in-the-works API.
“We could imagine a day in the future where people will evaluate where the money has come from,” Bechar said, noting that although the anonymity of bitcoin makes this a tricky task, it’s already possible to say whether certain bitcoin addresses are involved in mining, or have been associated with gambling transactions.
According to Bechar, this level of information is currently not easily accessible to those who aren’t running their own bitcoin servers and engaging in heavy and complex data-crunching.
BlockTrail is starting off with €500,000 ($669,310) in funding from BlockCorp, which was set up by Bechar and VKontakte co-founder Lev Leviev. According to the company, BlockCorp will add further funding if needed, once the product is off the ground. The team includes developers from bitcoin data outfit Vircu, which BlockCorp recently picked up.
BlockCorp is also working on a client for the BitMessage secure messaging protocol, though Bechar was loath to talk about this too much just yet.