Key Insights from RSA 2020
By Rachel Xu
RSA Conference is a series of IT security conferences. Each year, there are approximately 45,000 people attending the event, and among those are world-class companies and speakers discussing the potentials of cybersecurity. AnChain.AI is one of AMINO’s portfolio companies and is in the development of transformative and disruptive technologies in this space.
At the conference, I had the opportunity for a chat with Victor Fang, the CEO of AnChain.AI. Victor has over a decade of experience in Data Science leadership roles at FireEye Mandiant, Awake Security, Greylock, Pivotal, and EMC. He holds 15+ patents on AI for cybersecurity and fraud detection solutions. In addition to his role in the startup ecosystem, Victor is currently an instructor at UC Berkeley teaching DataX on Blockchain Data Science, after having previously co-founded the Data Science Community at Greylock Partners. Given his expertise and passion in the cybersecurity sector, I was curious to learn more about Victor’s thoughts in regard to the future possibilities of AnChain.AI, and his thoughts on the promising technologies at this year’s RSA.
AnChain.AI is an AI-powered blockchain ecosystem startup that strives to enhance blockchain security, risk, and compliance strategies. By providing blockchain data analytics and in-depth cryptocurrency transaction monitoring on public and private chains, AnChain allows the holistic range of industry stakeholders to assuredly interact with the digital economy.
The company recently announced it successfully raising a pre-A round totaling $4.3 million since its founding. As the lead investor, AMINO Capital is extremely excited and hopeful of the technology that AnChain.AI enhances.
The central theme of the RSA is to foster conversations and share lessons that are otherwise hard to achieve in the chain of cybersecurity. Can you talk a little bit about the common threads/messages that have been constantly brought up to attention throughout the conference?
The central theme I’m really seeing at this year’s RSA would be the addition of the Human Element. Security is all about and for the people; thus, as the leader in the space, we need to put people in the loop of security. The main topic that has arisen in the past few years has been data privacy, which has brought the RegTech (Regulatory Technology) up to the focal point of conversation and development.
Speaking of innovation, it is very essential to notice the trend of government regulation as it is closely tied to the roadmap and insights of radical technologies. For instance, the CCPA (California Consumer Privacy Act) has attracted greater attention to the people in understanding the importance of their online security issues, in turn allowing entrepreneurs the opportunity development products for the people. At RSA this year, I was particularly excited to congratulate SECURITI.ai in winning the “Most Innovative Startup 2020” award, proving the fact that data privacy and cybersecurity are on the rise to disrupt the market. As part of the reg-tech pioneers, AnChain.AI will also pave the way to solving problems that consumers are most concerned about: Privacy.
Many people picture blockchain technology with cryptocurrency. However, blockchain has built to provide infrastructures that push for profound innovations in research-focused and much more, as demonstrated in the product at AnChain.AI. As a leader in this space, can you share some of the exciting frameworks/implementations that blockchain technology can bring to the public light?
By leveraging Machine Learning and Artificial Intelligence, AnChain is eager to enhance the technology built on top in regulatory compliances on the scope of blockchain. The heat of the blockchain ecosystem has also brought forth concerns, mainly surrounding the inefficiency of regulation and compliance. In fact, 2% of the cryptocurrency is illicitly operated in the hands of hackers and terrorists. Perhaps, this is one of the major reasons why we are still yet to see the mass adoption of blockchain. The enterprise adoption of blockchain is also prominent. AnChain.AI is committed to developing our research-based technology upon three components: security, risk, and compliance (SRC). We were also honored to be featured on CoinDesk, where I shared the research provided by AnChain and my opinions regarding blockchain technology today.
As cybercriminals persist, adapt, and diversify, what are the novel approaches that need to be adapted in meeting the latest demands from a rapidly changing world?
Cryptocurrency is the best payment vehicle for hackers to monetize upon; All the transactional data has actually been on sale for cybercriminals to leverage. Therefore, I believe blockchain technology itself is still very vulnerable. Using the recent case BZX as an instance, a Defi platform for tokenized margin trading and lending, blockchain infrastructures are not yet mature to be massively adopted due to its susceptibility to cybercriminals. This is where reg-tech comes in to perfect the technology, not only for businesses but also for consumers. At AnChain, our protocols are categorized into two segments: understanding how cybercriminals leverage, then analyzing how they attack.
Concerns about security, privacy, and ethical issues keep people wary of companies’ evolving digital technology innovations. What is the roadmap that AnChain envisions in tackling this ever-growing issue and meeting people’s expectations? and Can you share a little bit about the agenda that AnChain is excited to showcase as we prepare for a new year?
The nature of its decentralization makes blockchain technology hard to maintain; hence, blockchain needs accountability in order to thrive. First, developing our strategies around consumers to improve SRC (security, risk, compliance) strategies is the top priority. In addition, we will extend our focus to the traditional industries as we see the underlying opportunities presented to integrate blockchain technology.
Lastly, the management life cycle and enterprise adoption will be of the essence for all cybersecurity industry players to join, where AnChain.AI will take the lead.
Furthermore, AnChain will also heavily put our effort in advancing AI/ML to automate the process and extraction of hacker detection. Ultimately, it’s working for the interest of the people that will allow us to succeed.
AMINO Capital is a venture firm based in Palo Alto, focusing on seed to growth stage investments in big data and data driven technologies, including over 150 high growth startups, with over 21 successful exits, 7 Unicorns, and over 17 startups with over $100 million valuation, including Assemblage (acquired by Cisco), Orbeus (acquired by Amazon), Ozlo (acquired by Facebook), GrokStyle(acquired by Facebook), Woomoo (acquired by Priceline), Contastic (acquired by Sugar CRM), Mobike (acquired by Meituan/Tencent), Evertoon (Acquired by Niantic | PokemonGo), Yiqixie (Acquired by Kuaishou/Tencent), Chime Bank, Voyage, AIFI.io, Vicarious, Paperspace, Skycatch, Webflow and Grail.
To learn more visit: http://www.aminocapital.com/
