Anchain deploys Next-Gen Web3 Analytics on Elrond to Boost Compliance and Fraud Prevention

We covered Elrond back last year after the developer of internet-scale blockchain infrastructure for Web3 payments, DeFi, and the new Metaverse economy, partnered with Holoride to introduce blockchain and NFTs for the world’s first immersive in-vehicle media platform. Since then, Elrond has grown exponentially and its blockchain network now scales beyond 100,000 transactions per second.

Today, Elrond Network today announced the completion of the integration with Anchain.AI, the AI-powered next-gen blockchain analytics platform. This integration has strategic implications for Elrond’s recent moves into traditional and blockchain-based digital payments infrastructure. Through consecutive acquisitions, Elrond has expanded its portfolio to include an e-money license, a Virtual Asset Service Provider (VASP) license, and the ability to issue debit cards, all valid throughout the entire European Economic Area.

“We are making decisive steps for the integration of blockchain technology into the global financial system,” said Beniamin Mincu, Elrond Network CEO. “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.”

Anchain’s industry-leading blockchain analytics capabilities have made the AI-driven platform an indispensable tool for the forensics and compliance capabilities of major financial institutions such as the US SEC (Securities and Exchange Commission), governments, digital asset exchanges, and other VASPs and financial institutions. Adopters of Elrond can now leverage this important technology to maintain secure and compliant operations.

“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,” said Victor Fang, Ph.D.,  CEO of AnChain.AI,. “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 Anchain.AI  Next-Gen Web3 Analytics Suite will provide 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 will bolster the ability of organizations to avoid interactions with addresses flagged for illicit activities, prevent fraud attempts and help with the tracking and recovery of misappropriated digital assets.

With the powerful AI-driven security toolkit deployed on top of its internet-scale infrastructure, the Elrond Network establishes itself as a leader in the push for the adoption of blockchain technology in organizations, nations, and international institutions, and for the creation of a new digital financial system at a global scale.

Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.