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Web 3.0, or Web3, is the biggest goal in the crypto industry right now, and it appears that there are countless projects dedicated to achieving it. While some projects are trying to achieve interoperability and others are developing decentralized services for Web3, there are also those seeking security.
One example is AnChain.AI, which just saw a successful deployment of its next-gen Web3 analytics on Elrond in order to boost compliance, and increase fraud prevention measures.
Elrond is connecting blockchain with global finance
According to a recent press release by AnChain.AI, the project has launched its solution on the Elrond Network, as Elrond is the leading developer of internet-scale blockchain infrastructure for Web3 payments, but also metaverse and DeFi.
The project says that the integration will be useful for Elrond from a strategic point of view, given the network’s recent efforts to move into traditional and blockchain-based digital payments infrastructure. Elrond has made a number of acquisitions that are expanding its portfolio, and it now includes the ability to issue debit cards, an e-money license, a VASP license, and all of these are valid in the European Economic Area (EEA).
Elrond’s CEO, Beniamin MIncu, said that the project has been making decisive steps for the integration of blockchain into the entire world’s financial system. Commenting on AnChain’s integration, Mincu said:
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 is a great enabler in this regard.
What is AnChain’s solution?
AnChain emerged as the industry-leading blockchain analytics provider, and its analytic capabilities have made the project a crucial tool for compliance and forensics in some of the largest financial institutions, and even the US SEC. Other than that, AnChain serves digital asset exchanges, and other financial institutions and VASPs.
AnChain’s co-founder and CEO, Dr. Victor Fang, stated that the world is at an inflection point. Right now, industries, enterprises, and entire governments are quickly realizing that blockchain technology got out of their control.
It has grown to be indispensable for efficiency increase and sustainable growth. Meanwhile, AnChain can offer a Web3 security suite that will complement Elrond’s own promising technology, and allow it to gain an important advantage when it comes to meeting the influx of the growing institutional demand.
In other words, using Elrond, AnChain will be able to provide apps on Elrond’s blockchain with the ability to process large data sets regarding on-chain transactions extremely quickly. This will, in turn, bolster the organizations’ ability to avoid interacting with suspicious addresses that are associated with illicit activities. Furthermore, it would help prevent fraud, track and recover stolen cryptocurrencies, and more.
Thanks to this integration, Elrond Network now has a rather powerful AI-driven security toolkit. Given that AnChain’s solution now runs on top of Elrond’s internet-scale infrastructure, the network is establishing itself as the leader in blockchain adoption. It is attracting everyone, from organizations to international institutions, and even entire nations.
Elrond is also scalable enough to process up to 10,000 TPS with 5-second latency, and the cost that is pretty much negligible. As such, it is in a good position to become the backbone of a borderless, permissionless, globally accessible internet economy.
To learn more visit our Investing in Elrond guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.