Wednesday, October 5, 2022

Elrond Bolsters Fraud Prevention Through Partnership With Anchain.AI

With cyber security becoming a major challenge facing Web3 applications and blockchain technology, Elrond Network has announced that it has reached a partnership agreement with leading cyber security firm Anchain.AI.

Anchain.AI is an Artificial Intelligence (AI) and Machine Learning (ML) tools-based cyber security firm that currently boasts of being a leader in providing blockchain-based analytics and solutions for government agencies; the United States Securities Exchange Commission (SEC), and several Virtual Asset Service Providers (VASP).

As Elrond Network has therefore expanded its footprint into the entire stretch of the European Economic Area where it operates as a licensed e-money vendor, a VASP, and a debit card issuer, this strategic partnership with Anchain.AI would bolster digital asset protection and fraud prevention could have come at no better time.

With “Anchain.AI Next-Gen Web3 Analytics Suite” now fully integrated into the Elrond Blockchain network, the protocol is on the track to wooing global financial institutions and national economies which are particularly interested in cyber security, compliance, and fraud prevention as they migrate certain critical operations to blockchain technology.

According to Benjamin Mincu, CEO of Elrond Network, organizations that choose to partner with Elrond by building on its scalable blockchain architecture can now be confident of operations that are both secure and compliant.

Mincu noted that this newly integrated cyber security measure would amongst other things also ensure security from getting involved with links and addresses that have been labeled for illegal activities, stop attempted fraudulent transactions, and also help in tracking and recovering stolen virtual assets.

Elrond’s novel blockchain architecture is designed to provide a processing speed that runs a thousand times faster through the firm’s Adaptive State Sharding Mechanism, thereby allowing the network to carry out over 10,000 transactions per second (TPS) with a latency of just 5 seconds and a very negligible cost.

Network Hacks Gain Traction

As blockchain technology continues to advance in adoption, there has also been a notable rise in hacks on several blockchain networks, thereby resulting in massive financial loss.

Recently, it was reported that Ronin Network suffered a network breach that led to the loss of a staggering $625 million while Polygon’s Qi Dao also experienced a similar protocol breach which led to a loss of $13 million.

With this array of network hacks, the call for fraud prevention through efficient security measures cannot be overemphasized.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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