Singapore - June 4 2019: TheVault Lab Pte Ltd, a Singapore-based cybersecurity company has announced a joint venture with the NEM Foundation to create the world’s first anti-fraud solution that uses a consensus network to identify fraudulent cryptocurrency wallet addresses prior to a transaction taking place. The aim is to prevent criminals and scammers from participating in crypto transactions.
The solution leverages intel provided by participating cryptocurrency exchanges, wallet owners, and custodians who supply a combination of black, grey, and whitelisted digital addresses to a decentralized database.
When the transfer of digital assets is ready to take place, whether it be a trade or purchase using cryptocurrency, The NEM Vault solution checks the supplying and receiving addresses to ensure that they are legitimate.
“It’s a simple solution”, said Dannie Francis, TheVault CEO. “But meaningful for consumers who want guaranteed certainty when making withdrawals or paying someone that their transaction will not be sent to an incorrect address.”
Although public and transparent, blockchain-based transactions are mainly made through pseudo-anonymous alphanumeric addresses without any attribution to personal identification information such as the name, location, address, transaction bank etc.
This is a massive pain point for transacting parties as trust is difficult to build. With this solution, transacting parties are provided with a ‘backstory’ of the counterparty address without the need of revealing any personal information.
The basic driver is that blacklisted addresses can be, based on the decision of the Exchange, ruled out from sending or receiving a transaction.
The solution will be built on a private NEM based blockchain taking advantage of Catapult’s superior stability and performance. While TheVault will be providing the development, NEM will be providing marketing and business development resources.
Jasmine Ng, CEO at NEM Asia said:
“This is Phase 1 in the rollout of TheVault’s security platform, a platform that comprises a Security Consensus Alliance powered by an AI-driven fraud detection solution and consumer protection layer.”
The solution is expected to be ready to go live in Q3 2019.
About TheVault Foundation
TheVault is a Security Platform that comprises an AI-Driven Distributed Consensus Protocol for Securing Blockchain Transactions. It aims to build a Trust Layer for the transfer of digital assets, prevent fraudulent activities on the blockchain, and guarantee transaction finality between parties. TheVault was established to protect Exchanges and Consumers with a solution that they can trust.
For more information about TheVault Lab contact:
Kimberly Kan (firstname.lastname@example.org)
About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.