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Blockchain Payment Network and Artificial Intelligence Join Forces in Nigeria

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It is reported that the regulated tier 1 blockchain payment network Zone in Africa and the artificial intelligence transaction monitoring technology provider ThetaRay have announce

Blockchain Payment Network and Artificial Intelligence Join Forces in Nigeria

It is reported that the regulated tier 1 blockchain payment network Zone in Africa and the artificial intelligence transaction monitoring technology provider ThetaRay have announced that they will cooperate to implement ThetaRay’s cloud based SONAR solution to monitor and screen Zone transactions for illegal activities and violations of sanctions in Nigeria.

Blockchain payment network Zone uses ThetaRay to filter transactions

The regulated tier 1 blockchain payment network, Zone, and the artificial intelligence (AI) transaction monitoring technology provider, ThetaRay, have announced their collaboration to implement ThetaRay’s cloud-based SONAR solution to monitor and screen Zone transactions for illegal activities and violations of sanctions in Nigeria.

Introduction

Blockchain technology is becoming increasingly popular in the financial industry as it allows for secure and transparent transactions. However, it has also been used by criminals for illicit activities. In order to combat this, Zone and ThetaRay will be working together to implement an AI-powered solution to monitor transactions on the blockchain for illegal activities and sanctions violations.

The Partnership

Zone is a regulated tier-1 blockchain payment network that operates in Africa, and it has partnered with ThetaRay to implement the latter’s cloud-based SONAR solution to monitor and screen all transactions on the blockchain. SONAR stands for Suspicious Operations, Negative News, Adverse media, and Regulatory compliance, and it uses AI to detect and flag any suspicious transactions. The system can detect anomalies in real-time and alert the authorities before any illegal activity takes place.

ThetaRay’s Cloud-based SONAR Solution

The SONAR solution is a cloud-based service that leverages AI and deep learning algorithms to monitor and analyze blockchain transactions in real-time. The system detects any suspicious activity, such as money laundering, terrorist financing, or other illegal activities, and alerts the authorities before the transaction is completed.
The technology employs a unique approach that analyzes the entire network and identifies any anomalies or patterns that could indicate nefarious activity. The system is capable of analyzing large volumes of data in real-time, making it an ideal tool for monitoring blockchain transactions.

The Importance of the Partnership

The partnership between Zone and ThetaRay is significant for several reasons. Firstly, it shows that blockchain technology is being taken seriously by the financial industry when it comes to preventing illicit activity. Secondly, it demonstrates the effectiveness of AI-powered solutions in detecting and preventing financial crime. Finally, it highlights the importance of regulatory compliance in the financial industry.
With the rise in the use of blockchain technology in the financial industry, it is essential that measures are put in place to prevent criminal activity. This partnership between Zone and ThetaRay is an example of the steps being taken to ensure that blockchain technology is used ethically and securely.

Conclusion

The partnership between Zone and ThetaRay is a significant step forward in the fight against financial crime. The integration of SONAR into the blockchain payment network will provide real-time monitoring and analysis of all transactions, flagging any suspicious activity and aiding in the prevention of economic crimes. This is a significant step forward for the blockchain industry, demonstrating the effective use of AI in fighting financial crime.

FAQs

1. What is Zone?
Zone is a regulated tier 1 blockchain payment network operating in Africa.
2. What is ThetaRay’s SONAR solution?
SONAR is a cloud-based AI-powered solution that monitors and screens blockchain transactions in real-time, flagging any suspicious activity.
3. How will the partnership between Zone and ThetaRay benefit the financial industry?
The partnership will aid in the prevention of financial crime on the blockchain by providing real-time monitoring and analysis of transactions. Additionally, it will demonstrate the effectiveness of AI-powered solutions in detecting and preventing economic crimes.

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