Table of Contents:

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

I. Introduction
II. What is Zone?
III. Artificial Intelligence and Blockchain Payment Network
IV. Benefits of Zone and ThetaRay’s Partnership
V. How will ThetaRay’s Solution Work in Zone
VI. Security Measures in Place for Zone and ThetaRay’s Partnership
VII. Challenges and Risks Involved
VIII. Conclusion
IX. FAQs
Article:
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.
Introduction:
Blockchain and artificial intelligence technologies have been instrumental in driving innovation and growth in the digital space. They have proven to be useful tools in a wide range of industries, from finance to healthcare to transportation. The collaboration between Zone and ThetaRay is a significant milestone in using these technologies to help monitor and screen financial transactions for illegal activities and sanctions violations.
What is Zone?
Zone is a regulated tier 1 blockchain payment network that offers real-time settlement, instant payments, and cross-border transactions. It is a secure and efficient platform that connects customers, merchants, and financial institutions in Africa. It offers various services, including money transfers, bill payments, and airtime top-ups.
Artificial Intelligence and Blockchain Payment Network:
The implementation of ThetaRay’s cloud-based SONAR solution means that Zone will leverage artificial intelligence to detect and monitor suspicious transactions. ThetaRay’s technology uses mathematical algorithms to analyze large amounts of data and identify patterns of unusual activity to prevent crimes such as money laundering and terrorist financing. Blockchain technology offers added security to the platform, making it harder for bad actors to hack into the system and disrupt operations.
Benefits of Zone and ThetaRay’s Partnership:
The partnership between Zone and ThetaRay is beneficial for several reasons. Firstly, it strengthens the security of the payment network and helps combat fraud and illegal activities. Secondly, it ensures that the platform adheres to international sanctions regulations, which is crucial in promoting stability and safety in the financial system. Thirdly, it reinforces Zone’s position as a leader in the blockchain payment network space in Africa, promoting its growth and sustainability.
How will ThetaRay’s Solution Work in Zone:
ThetaRay’s SONAR solution is a cloud-based system that collects and analyzes data in real-time, identifying suspicious activity such as abnormal fluctuations in transaction volumes, sources of funds, user behavior, and more. The system can flag and alert relevant authorities to investigate further any irregularities, allowing for swift action to be taken. By leveraging artificial intelligence, the system can adapt and learn from past behaviors, enhancing its ability to detect fraudulent activity over time continually.
Security Measures in Place for Zone and ThetaRay’s Partnership:
Zone and ThetaRay understand the need for robust security protocols in place to protect against cyber threats and hacker attacks. They have committed to implementing strict security measures such as encryption, multi-factor authentication, and identity verification to safeguard user data and transaction information. Additionally, they will adhere strictly to local and international regulations governing financial transactions.
Challenges and Risks Involved:
Despite the benefits of using artificial intelligence and blockchain technology to monitor transactions, some challenges and risks are involved. One significant challenge is ensuring that the system does not generate false positives, which could lead to innocent users being flagged for further investigation. It is also crucial to ensure that the system does not infringe on user privacy or discriminate based on personal identifiers such as race or gender. Another risk involved is the potential for hackers to attempt to breach the system, compromising user data and transaction information.
Conclusion:
In conclusion, Zone and ThetaRay’s partnership is a step towards revolutionizing the payment network space in Africa. By leveraging the power of artificial intelligence and blockchain technology, they can detect and prevent illegal activities and promote stability and safety in the financial system. Their commitment to adhering to international regulations and implementing strict security protocols is essential in building trust and confidence among users and stakeholders.
FAQs:
1. Is Zone only available in Nigeria?
No, Zone’s services are available in several African countries.
2. What types of transactions does ThetaRay’s SONAR solution monitor?
ThetaRay’s technology can detect and monitor suspicious activity in various transactions, including money transfers, bill payments, and airtime top-ups.
3. Will the implementation of ThetaRay’s solution increase transaction fees for users?
No, the implementation of ThetaRay’s solution will not result in increased transaction fees for users.