Elrond deploys Anchain.AI for increased compliance and fraud prevention in crypto
The analytics platform allows organizations to avoid interactions with addresses flagged for illicit activities, prevent fraud attempts and help with the tracking and recovery of misappropriated digital assets.
Elrond Network has completed the integration of its internet-scale blockchain infrastructure with analytics platform Anchain.AI as part of its efforts to increase compliance and fraud prevention.
The move addresses the needs of Elrond’s expanded portfolio through a number of acquisitions that now includes an e-money license, a Virtual Asset Service Provider (VASP) license, and the ability to issue debit cards, all authorized in the European Economic Area.
Anchain.AI is a San Francisco-based regtech firm founded in 2018 that quickly rose to popularity among top names within the financial industry and its AML engine is now screening over $1 billion in daily crypto transactions.
Highest levels of compliance and fraud prevention
Beniamin Mincu, Chief Executive Officer at Elrond Network, said: “We are making decisive steps for the integration of blockchain technology into the global financial system. International financial institutions and national economies can operate and collaborate using our scalable architecture. It is therefore essential that they have access to the highest levels of compliance and fraud prevention. Anchain.AI is a great enabler in this regard.”
Victor Fang, Ph.D, CEO of AnChain.AI, commented: “We are at an inflection point where enterprises and governments are rapidly realizing that blockchain technology has become indispensable for efficiency increase and sustainable growth. The Anchain.AI Next-Gen Web3 Analytics Suite will complement Elrond’s promising technology and give it an important edge that will enable it to meet the influx of new institutional demand.”
Anchain leverages artificial intelligence and blockchain to power forensics and compliance capabilities of major financial institutions such as the US SEC (Securities and Exchange Commission), governments, digital asset exchanges, and other virtual asset services providers and financial institutions.
The announced integration is said to prove valuable for adopters of Elrond, who will be able to maintain secure and compliant operations using Anchain.AI.
The analytics suite provides applications using Elrond Network blockchain technology with the ability to quickly make sense of large data sets pertaining to on-chain transactions, powered by Machine Learning and Artificial Intelligence.
This allows organizations to avoid interactions with addresses flagged for illicit activities, prevent fraud attempts and help with the tracking and recovery of misappropriated digital assets.
The deployment of the security toolkit is another step taken by the Elrond Network to prove itself as the organization intends to create a new digital financial system on a global scale.
Elrond is said to bring a 1,000-fold cumulative improvement in throughput and execution speed thanks to a proprietary novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm.