PARSIQ has announced the open public beta of its breakthrough monitoring solution which is the first blockchain monitoring platform to allow users to set up “smart triggers” to react to events on the blockchain in real-time.

As opposed to existing blockchain explorers such as Etherscan, which approach blockchains like a database, PARSIQ treats blockchains as live streams of actionable events which can be interactively retrieved and reinterpreted in real time using its built-in language, ParsiQL.

This means that PARSIQ can address the fundamental difficulty of analyzing blockchains in real-time. Right now the Bitcoin blockchain is 275GB in size, Ethereum is even bigger at 422GB in size. Public blockchains are open for everyone to see and analyze, but this transparency is clouded through sheer size and complexity.

The problem is that there has been a lack of sophisticated tools that have the automation and deep analytics necessary to perform monitoring of blockchain at scale and in real-time. The most visible result of a lack of insight is market manipulation and crypto hacks that go undetected. PARSIQ says its tools will open up the blockchain, and allow anyone to track cryptocurrency movements in real-time.

Anatoly Ressin, Co-Founder & Chief Blockchain Architect at PARSIQ, said: “Right now, blockchain’s transparency is clouded by its size and complexity. Existing tools lack the flexibility to allow developers to simply and quickly create automated triggers, or program complex logic conditions that will act in realtime to give new insights and more advanced levels of monitoring than are currently possible.

The PARSIQ Monitoring solution is part of our platform to provide new tools and capabilities for analyzing blockchains – from ensuring that funds received come from a legitimate source to securing wallets and through to the creation of better market intelligence insights.

CoinMetro, a cryptocurrency exchange, is already working with PARSIQ on the compliance side for KYT (Know Your Transaction), and is now looking to integrate it into the wider exchange platform to enhance security and offer value-add services.

Kevin Murcko, CoinMetro CEO, said: 

We’re now integrating PARSIQ into CoinMetro for data mining. By using triggers and actions to speed up our onboarding process, PARSIQ will save us a huge amount of manual time and effort, and ensure our customers are fully protected against unusual transactions.

PARSIQ’s beta platform for Ethereum is free to use for anyone who signs up on its website.