Jay Park, CEO Lambda256, spoke during the conference's first day.
Lambda256 is a tech subsidiary of Dunamu (the company that operates Upbit) that launched in 2019. It has since developed its own enterprise blockchain cloud service Luniverse.
During his speech, Park introduced an updated version, Luniverse 2.0. According to Park, the key in the update lies in solutions for regulation compliance, which he calls "reg tech."
The major stumbling blocks crypto firms face these days are related to know-your-customer (KYC) protocols, anti-money laundering (AML) solutions, and travel rules.
Lambda256 first developed solutions to such problems through its Singapore-based project VerifyVASP.
During his speech, Park also revealed that Lambda256 has developed additional solutions for detecting suspicious transactions on blockchains.
Lambda256 conducts research in collaboration with the Korea Internet Security Agency (KISA), the public institution responsible for verifying the security systems of Korean exchanges.
“Fraud detection systems (FDS) normally rely on big data and AI to analyze and detect abnormal patterns, but this kind of technology needs to be tweaked for blockchains," Park said.
"We've taken conventional FDS solutions and tailored them to blockchain networks."
Luniverse 2.0 also supports an enterprise consortium, where participants can confirm whether their transaction partners have gone through the necessary KYC protocols.
Additionally, Luniverse 2.0 supports NFTs and decentralized identifier (DID) technology.
UDC 2021 articles are sponsored by Upbit.
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