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Anchain.AI Integrates with Elrond Network to Improve Compliance and Data Access

www.financemagnates.com 10 May 2022 13:37, UTC
Reading time: ~3 m

Industry-leading AI-powered blockchain analytics firm Anchain has taken the next step in its approach to forensics and compliance. The integration of next-gen Web3 analytics on Elrond is a significant milestone. Moreover, the move will enhance Elrond's push into traditional and blockchain digital payments infrastructure. 

Anchain.AI Expands Its Blockchain Presence

The team behindAnchain.AItakes a slightly different approach to achieving compliance and forensics for major financial institutions. Instead of relying on traditional tools and infrastructure, Unchain leverages artificial intelligence to reach the next level of crucial support and operations. Anchain's tools are used by major institutions, including the US SEC, various governments, digital asset exchanges, and financial institutions.

AnChain.AI CEO Victor Fang, Ph.D., adds:

"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."

The overall industry narrative changes as enterprises and governments show an increasing interest in blockchain and cryptocurrency. Solutions like AnChain.AI will play a key role in the future adoption of these technologies while maintaining a compliant nature.

Furthermore, AnChain.AI enhances Web3 security and risk strategies, making it a powerful service provider for over 100 customers across various countries and continents.

The Power of Elrond

Integrating with theElrond Networkis an intriguing development for the AnChain.AI team. Elrond has made moves into traditional and blockchain-based digital payments infrastructure through several key acquisitions. Elrond now provides an e-money license, a Virtual Asset Service provider (VASP) license, and can issue debit cards. 

By deploying the AnChain.AI Next-Gen Web3 Analytics Suite on Elrond, applications, projects, protocols, and services on that blockchain can make sense of large data sets representing on-chain transactions.

Everything is powered by machine learning and artificial intelligence, ensuring organizations avoid interactions with illicit funds and addresses. Moreover, Elrond builders can prevent fraud attempts and track and record misappropriated assets.

Elrond Network CEO Beniamin Mincu states:

"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."

Elrond provides an internet-scale infrastructure to blockchain-oriented builders. Enabling a powerful AI-driven security toolkit by AnChain.AI on its network can result in broader adoption of blockchain technology by organizations and institutions. AnChainAI's Anti-Money Laundering engine screens over $1 billion worth of daily cryptocurrency transactions.

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