HUAWEI CLOUD - as the world's fastest growing mainstream cloud service provider;
Okey Cloud Chain - as the world's leading provider of data and compliance solutions on the Web3 chain;
Today, HUAWEI CLOUD and Okey Cloud Chain officially reached a strategic cooperation!
When the two are added together, what kind of sparks will they collide in the future?
On August 10, 2023, the TechWave Web3 Special Day, sponsored by Huawei Cloud and supported by Okey Cloud Chain (1499.HK) as the industry's first, was successfully held in Cyberport, Hong Kong, China. The event brought together many industry elites, experts, scholars, and investment institutions to share best practices with the industry and discuss industrial development.
Okey Cloud Chain and Huawei Cloud formally reached a strategic cooperation at this event, and became the first batch of industry partners to enter the Web3.0 zone of Huawei Cloud Store. In the future, the two parties will conduct in-depth cooperation on Web3 data, on-chain compliance and security, and on-chain anti-money laundering solutions to jointly promote the compliance development process of the Web3 industry in Hong Kong.
Picture: formally reached a strategic cooperation
During the event, Chen Churong, a senior engineer from Okey Cloud Chain, gave a keynote speech on "Enhancing Data Governance Capabilities and Escorting the Compliance Development of Virtual Assets".
Since Hong Kong promulgated the virtual currency exchange regulations, it is reported that more than 200 companies in the market have applied for exchange licenses in Hong Kong. Everyone is concerned about a question, "What are the compliance issues in the trading of virtual assets?" Judging from the consulting documents and anti-money laundering regulations, the Hong Kong Securities Regulatory Commission focuses on two aspects of virtual asset supervision: anti-money laundering and investor protection. In his sharing, Chen Churong provided advice and suggestions for the compliance of virtual assets through data governance, combined with Okey Cloud Chain's Web3 chain data and compliance solutions.
Picture: Chen Churong, senior engineer of Okey Cloud Chain
Chen Churong showed to the audience at the scene that the newly launched on-chain anti-money laundering solution Onchain AML (Onchain AML) and the on-chain Sky Eye (Chaintelligence) that assists in supervision can well solve the existing legal problems in virtual asset transactions. regulations and safety issues. At the same time, he introduced in detail the two key technologies and principles used in it, KYA and KYT.
KYA is a big data risk assessment tool for identifying risk characteristics of addresses on the chain. It uses machine learning to analyze the transaction frequency and counterparty of addresses on the chain, and assigns relevant labels to quickly identify risky addresses. Regulators can use this tool to quickly find clues in case analysis, on-chain transaction entities can use this tool to conduct risk screening before transactions, and users can take targeted actions based on identified risk addresses.
KYT is a tool for security monitoring of transaction behavior, which includes a complete and continuous security process, which can be used to actively monitor, analyze, warn and deal with suspicious transactions. KYT uses the OKLink data tag library to link encrypted addresses with real-world organizations, sanctioned entities, and malicious events to achieve continuous monitoring of deposit and withdrawal transactions, thereby meeting the compliance and risk control needs of virtual asset service providers.
Nick Xiao, the product director of Okey Cloud Chain, also had a roundtable discussion with a group of big names on the topic of "opportunities and challenges for on-chain compliance and security under Hong Kong's new virtual asset policy" at this event.
With the diversification of virtual asset forms, the complexity of transaction scenarios, and the development of technologies such as privacy computing, many new challenges have been brought to the infrastructure. When answering "How to build a trusted Web3 infrastructure?" , Nick Xiao said that first of all, it is necessary to ensure the real-time update of the infrastructure and the security of data transmission, to ensure that the underlying technology is upgraded and iterated, and the industry infrastructure is upgraded simultaneously. At the same time, it is worth noting that ensuring the accuracy and interpretability of data is also a guarantee for user business security.
Picture: Nick Xiao, Product Director of Okey Cloud Chain
In addition, he also mentioned that there must be two guarantees: the first technical guarantee, there must be its own cryptography application and even the underlying algorithm research and development strength, which can keep up with the development of the industry; the second product guarantee, there must be rapid productization The industry upgrades and changes rapidly, and each technology upgrade may pose challenges to existing products and services. Therefore, it is necessary to be able to quickly adapt to the development of new technologies.
The CEO of Meex Co, a local exchange in Hong Kong, also said at the event, "Okey Cloud Chain has developed products that can provide services such as on-chain data monitoring and anti-money laundering. The current challenge is how to use these service products more effectively. This It can also reflect from the side that traditional financial thinking is being combined with emerging web3 thinking.”
Both HUAWEI CLOUD and Ookeyun Chain are committed to promoting Web3 technology innovation and industrial development in Hong Kong and the world, creating safe and efficient infrastructure for Web3 customers, partners, developers, and communities, and at the same time gathering the power of Web3 builders from all parties to collaborate and innovate, and jointly Build a prosperous industrial ecology. In the future, Okey Cloud Chain will work with HUAWEI CLOUD to open a new era of compliant and secure Web3 digital economy.
