Alibaba Cloud will launch a series of out-of-the-box Web3 security tools in April

It is reported that Alibaba Cloud announced at the 2WEB3 FEST Summit held in Hong Kong that it will launch a series of out of the box Web3 security tools in April. This Web3 security tool can be used by developers and enterprises for security scenarios such as private key management, risk assessment, transaction review, compliance, and user authentication. These tools include multi-party secure computing (MPC), authentication (KYC), and anti money laundering (AML) services, helping Web3 developers protect data, save labor costs, and improve operational efficiency. Alibaba Cloud will also provide blockchain node services for Web3 developers in Hong Kong this year.

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Alibaba Cloud to Launch Web3 Security Tools, including MPC, KYC, and AML Services

During the 2WEB3 FEST Summit held in Hong Kong, Alibaba Cloud announced their plan to launch a set of Web3 security tools in April. This move marks the company’s effort to offer developers and enterprises a tool for managing security scenarios such as private key management, risk assessment, compliance, transaction review, and user authentication. These out-of-the-box security tools provide a promising solution for Web3 developers’ data confidentiality, cost reduction, and operational efficiency issues.

The Web3 security tools Alibaba Cloud will launch in April will feature MPC, KYC, and AML services. Multi-party secure computing, or MPC, is a cryptographic protocol that enables multiple users to compute jointly over their inputs, without revealing their private data to any of the parties involved. MPC can be used for privacy-preserving applications, such as confidential transactions and data sharing. KYC, or know-your-customer, is a process for verifying user identities and assessing their risk level. KYC can help prevent fraud and money laundering activities in Web3 applications. AML, or anti-money laundering, is a set of procedures designed to detect and report suspicious financial activities. AML services help Web3 developers to comply with regulatory requirements and avoid legal liabilities.

Furthermore, Alibaba Cloud will also provide blockchain node services for Web3 developers in Hong Kong this year. Blockchain node services allow developers to access and interact with blockchain networks, such as Ethereum and Bitcoin. By offering blockchain node services, Alibaba Cloud can enable Web3 developers to build blockchain applications with ease.

In conclusion, Alibaba Cloud’s announcement of their upcoming Web3 security tools and blockchain node services aligns with their aim of providing a holistic solution to the security, compliance, and infrastructure needs of Web3 developers. Key takeaways from this news include Alibaba Cloud’s investment in the Web3 ecosystem, their focus on providing secure and compliant services, and their commitment to empowering developers with blockchain infrastructure.