Alibaba Cloud, the digital technology and intellectual backbone of Alibaba Group announced the launching of a suite of plug-and-play Web3 security tools in April this year. The cloud leader also announced that it will form respective partnerships with Blockchain Academy and NodeReal to build Hong Kong’s Web3 ecosystem.

Developers and enterprises can apply the security tools for various Web3 security scenarios to support the functions of private key management, risk assessment, transaction review, compliance and user authentication. The security tools, which include MPC (Multi-Party Computation), KYC (Know Your Customer), and AML (Anti-Money Laundering) services, will help Web3 developers protect their information, reduce manpower and improve operational efficiency.

Building on the MPC (Multi-Party Computation) technology, the private key management solutions will enhance the protection of private keys from cyber theft. The AML solutions support developers in fulfilling their AML compliance to step up risk management, while the KYC solutions can be applied for user authentication. The tools integrate capabilities of Alibaba Cloud and the industry-leading web3 technology providers including Safeheron and SlowMist.

Later this year, Alibaba Cloud’s blockchain node service will be available for Web3 developers in Hong Kong. With Alibaba Cloud’s scalable, high-performance and stable infrastructure, the node-hosting service will monitor the nodes and automatically switch in case of an outage. Developers are no longer required to physically monitor or mitigate problems, enabling them to focus more on product development, increasing the speed of product roll-outs. Alibaba Cloud’s world-class security and global compliance capabilities also prevent unauthorized access to the nodes and protect them from DDoS attacks.