Lockchain.ai Debuts Blockchain Risk Management Solution

Lockchain.ai has debuted what it calls the first AI-powered blockchain risk management platform.

The company, founded by a trio of cybersecurity CEOs, announced its launch Monday (April 1), saying its platform offered “automated risk management solutions to traders, investors, and fund managers in the blockchain ecosystem.”

According to a news release, the company — which just emerged from stealth — was founded last year by Andrew Howard, the former CEO of Kudelski Security, Aidan Kehoe, the former CEO of Skout Cybersecurity, and Matt Higgins, the co-founder and CEO of RSE Ventures.

Lockchain said its founders saw a “glaring need” for a security solution to complement existing security and professional due diligence services, and founded the firm with the goal of offering “easy-to-use, effective security and risk mitigation” solutions to businesses interacting with blockchain technology and digital assets.

“Recent high-profile security challenges have highlighted the imperative for users in the blockchain and crypto space to grasp the actual risks involved,” said Nick Percoco, chief security officer at Kraken and advisor to Lockchain.ai.

“These users and traders need insights into how market events and emerging vulnerabilities might impact the integrity of their assets,” he added, per the release. “In this dynamic environment, risk management emerges as a critical tool, providing insights and strategies to navigate uncertainties and safeguard investments.”

As PYMNTS wrote last month, blockchain has for the last 15 years been trying to transform the global financial system or attempting to replace it.

“However, the inherently anonymous nature of the crypto industry’s Web3 technology allowed for flagrant misuse of the blockchain’s technical architecture, leading to a rash of scams, scandals and criminal activity and a dearth of real-world financial utility other than that surrounding the capacity of tokenized digital assets to serve as a store of value,” that report said.

In an earlier report, PYMNTS noted that proponents of blockchain’s underlying technical capabilities are increasingly keen to separate the technology from its ties to the cryptocurrency world, in “large part by finding historical opportunity areas within the traditional financial sector that digital assets were originally designed to replace.”