SEOUL, South Korea, Sept. 05, 2022 (GLOBE NEWSWIRE) — On September 5, Protocon, a blockchain mainnet project, signed a strategic partnership with Regtank, a risk management solutions provider based in Singapore.
Through the partnership, the two parties will work together to a) promote a synergy through technology and ecosystem integration b) to expand the business and marketing field c) to strengthen the network by sharing specialized information, technology and knowledge.
Security has emerged as a major issue in the blockchain industry as hacking attacks targeting security vulnerabilities, such as the recent Phantom Wallet scandal and bridge hacking, have increased. Cryptocurrency, which is characterized by anonymity, can be misused for abnormal transactions, such as money laundering, financing terrorism and fraud. Preventing the above actions will be critical to expanding the blockchain ecosystem.
Blockchain-related services such as exchanges, wallets and Dapps operate on a network called the mainnet. These services typically issue tokens that can be used within the services. However, without security measures, issuing more tokens to the network increases the risk. It is becoming increasingly important to introduce security solutions such as transaction record monitoring, funding source identification and risk screening to create and maintain a secure blockchain ecosystem.
Protocon will adopt a security solution from Regtank to ensure the safety and security of the network for official operation of the main grid. Regtank’s solution with comprehensive risk analysis and detection based on real-time database analysis and illegal fund automation screening will greatly increase the stability of the blockchain ecosystem. Based on the above solutions, Protocon plans to build a network safe from all internal and external attacks.
Adopt a risk-based approach (RBA) that includes both KYC, KYB and KYT in a single consolidated platform. Regtank is known for innovating a comprehensive and advanced 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 the SFF Global FinTech Awards 2021 (ASEAN FinTech) presented by MAS during the Singapore FinTech Festival 2021.
Protocon is a public blockchain project that builds a Web3-based Layer 1 blockchain technology. Protocon first started its development in 2019 and now plans 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 to the Smart Contract of Ethereum, and ‘Fact Hash’ have gained momentum as it can connect to other blockchains without obligations or security concerns.
