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Know Your Transaction

Posted on : by : BlockGlossary

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Meaning of Know Your Transaction

It serves same purpose as Know Your Customer used in the financial sector but this is related to tracing and recording flow of transactions on a Blockchain to know the source, what it is spent on and why.

The first instance of KYT was used to trace Mt Gox exchange stolen Bitcoins.

It is also used by ICOs to ascertain that the investors source their fund for investment legally and not via illegal means.

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