SEOUL, South Korea, Sept. 05, 2022 (GLOBE NEWSWIRE) — On September 5th, Protocon, a blockchain mainnet project, signed a strategic partnership with Regtank, a risk management solution provider based in Singapore.
Through the partnership, the two parties will cooperate on a) Fostering a synergy through technology and ecosystem integration b) Expanding the business and marketing field c) Strengthening the network by sharing specialized information, technology, and knowledge.
Security has emerged as a major issue in the blockchain industry as hacking attacks aimed at security vulnerabilities, like the recent Phantom Wallet scandal and bridge hacking, have increased. Cryptocurrency, which is characterized by anonymity, can be abused for abnormal transactions, such as money laundering, financing of terrorism, and fraud. Preventing the above acts would be essential in expanding the blockchain ecosystem.
Blockchain-related services like exchanges, wallets, and Dapps operate on a network called the mainnet. These services usually issue tokens that can be utilized within the services. However, without security measures, issuing more tokens to the network increases risk. It is becoming increasingly important to introduce security solutions such as monitoring transaction records, identifying funding sources, and risk screening in creating and maintaining a safe blockchain ecosystem.
Protocon will adopt a security solution from Regtank to ensure the security and safety of the network for the official operation of the mainnet. Regtank’s solution of comprehensive risk analysis and detection based on real-time database analysis and illegal fund automation screening will immensely increase the stability of the blockchain ecosystem. Based on the above solutions, Protocon is planning to build a network safe from all internal and external attacks.
Adopting a risk-based approach (RBA) incorporating both KYC, KYB, and KYT into a single consolidated platform. Regtank is well known for innovating a comprehensive and advancing AML/CFT smart risk assessment engine that can automatically classify the risk of individuals tailored to the risk matrix of the clients. It mainly provides risk assessment and management, risk screening, transaction monitoring, and funding source identification solutions. Regtank Technology was awarded 2nd Place at SFF Global FinTech Awards 2021 (ASEAN FinTech) presented by MAS during the Singapore FinTech Festival 2021.
Protocon is a public blockchain project building a Web3-based Layer 1 blockchain technology. Protocon first started its development in 2019 and is now planning to start operating its testnet by Q4 2022 and will open the mainnet by the end of next year. Protocon’s own ‘Contract Model’, an alternative for Smart Contract of Ethereum, and ‘Fact Hash’ has gained momentum as it can connect to other blockchains without any liabilities or security issues.