Elrond Network has announced the completion of its integration with the Anchain.AI, the next-generation blockchain analytics platform powered by AI. Elrond Network will employ its blockchain technology to power applications in the Next-Gen Web3 Analytics Suite. Because of this, it will be able to process massive amounts of on-chain transaction data very quickly. A strategic benefit of this integration is that it allows Elrond to exploit both traditional and blockchain-based digital payment infrastructure.
Designed from the ground up, Elrond is a novel blockchain architecture that promises 1,000-fold increases in throughput and execution speed. For Web3 payments, DeFi, and the emerging Metaverse economy, it is constructing an internet-scale blockchain infrastructure.
Why the integration matters
With blockchain technology becoming increasingly indispensable in the international financial system, Elrond is keen to adopt technologies that will help ensure integrity, security and compliance with regulations. In addition, the network is working to improve its internationally renowned scalable infrastructure. This will make it easier for its client institutions to collaborate using its infrastructure.
A virtual asset service provider license (VASP) and issuance of debit cards are all part of Elrond’s portfolio of services. This is largely attributable to a series of acquisitions over the recent past. This has granted its services acceptance throughout the Eurozone. By utilizing the Alchain AI infrastructure, Elrond has established itself as a pioneer in the push for blockchain technology adoption. Many corporations, states, and international institutions are already using its technology . Such an approach is important to the development of a new digital financial system on a worldwide scale.
With regards to the forensic and compliance functions of large financial institutions, Anchain’s AI-driven platform has become an essential tool. Target institutions include the US Securities and Exchange Commission, governments, cryptocurrency exchanges and other VASPs. Other financial institutions, such as banks and insurance companies are also part of its clientele.
“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,” said Victor Fang, CEO of AnChain.AI
AnChain.AI, based in San Francisco, California, was founded in 2018 as an artificial intelligence-powered cybersecurity firm. Its cybersecurity and business software professionals from Mandiant and FireEye have put together a list of best practices for improving Web3 security, risk, and compliance initiatives. Also, Silicon Valley and Wall Street venture capitalists have invested in the company. Furthermore, it was selected for the Berkeley Blockchain Xcelerator program.