Opinion Business Markets Software Technology
July 02, 2024

The Dragon and the Shield: CertiK’s Migration to Alibaba Cloud Heralds a New Chapter in Asia’s Blockchain Security 

In Brief

Alibaba Cloud and CertiK have partnered to make CertiK’s security suite accessible on Alibaba Cloud’s BaaS network, aiming to enhance Asia’s blockchain ecosystem.

The partnership between Alibaba Cloud and CertiK is not brand-new. When CertiK’s security suite was made accessible on Alibaba Cloud’s BaaS network in May 2023, their collaboration officially got underway.

Co-founder of CertiK Ronghui Gu was excited about the collaboration, stating that they had been convinced of the innovative potential of blockchain for more than five years. He was excited to use Alibaba Cloud’s network to enable programmers with safe ledger advancement and usage. This remark emphasizes how this partnership may affect Asia’s larger blockchain ecosystem.

For blockchain engineers and the industry at large, the collaboration is anticipated to provide a number of advantages. Through the utilization of Alibaba Cloud’s infrastructure, CertiK is able to provide improved security protocols and more effective development procedures for a suite of twelve blockchain apps. This action may hasten the adoption of blockchain technology throughout Asia’s many industries.

Alibaba Cloud’s Collaborations Beyond CertiK

Alibaba Cloud’s engagement in the blockchain domain extends beyond its partnership with CertiK. The business has previously supported Avalanche’s Node-as-a-Service efforts by working with other blockchain projects. Due to this, Avalanche developers were able to introduce new validator nodes on Alibaba’s cloud infrastructure, adding more processing, storage, and distribution capacity to meet peak resource needs.

The collaboration occurred at a time when blockchain technology became increasingly popular in Southeast Asia. As states realize the potential that blockchain may have for improving governance and transforming a range of sectors, they are becoming more open to adopting them.

Asia’s Blockchain Development: What Should We Expect in 2024?

Thailand, for instance, has set the standard for the application of blockchain technology in the area. Along with enacting laws governing cryptocurrencies, the nation is looking at blockchain applications for supply chain financing, documentation authorization, and international payment processing.

Blockchain, according to Veerathai Santiprabhob, can help safeguard financial data and reduce the amount and rate of illicit transactions.

Following China’s ban on ICOs, Singapore—another key player in the market—became the go-to place for ICOs. The municipality has set up cryptocurrency and blockchain-focused investment funds and incubators.

Innovative applications of blockchain technology in the energy industry are being investigated by Singapore-based businesses like Electrify, which aim to establish peer-to-peer energy marketplaces for more effective electricity trading.

The NEM Foundation blockchain center, the biggest of its kind in Asia, is located in Malaysia, further demonstrating the country’s progress in blockchain adoption. The nation’s central bank has demonstrated its willingness to embrace blockchain technology in the banking industry by setting up a fintech sandbox where businesses may test their products.

An increase in blockchain-related businesses has been observed in Indonesia; these companies were once centered on cryptocurrencies but are increasingly branching out into other industries, including data security, supply chain logistics, and government services. Blockchain, for instance, is used by the Online Pajak program to streamline the tax system’s paperwork and increase transparency.

The government is setting up a financial sandbox that might help blockchain-related firms, and Vietnam’s thriving startup scene is opening doors for the creation of blockchain applications. Businesses that have launched pilot programs and experimented with blockchain technology include Viettel and Napas.

With the establishment of the Blockchain Association of the Philippines in 2018, the Philippines has acknowledged blockchain as a transformative instrument. The BAP, headed by Justo Ortiz, seeks to give small and medium-sized businesses a competitive advantage by assisting them in using blockchain technology. A blockchain pilot program has also been started by Union Bank to test real-time, less expensive retail payments between rural banks in Mindanao.

Although blockchain technology is still in its infancy in places such as Myanmar, Lao PDR, Brunei, and Cambodia, interest in its potential uses in e-government projects and financial services is increasing.

Asia’s growing usage of blockchain technology is consistent with the region’s overall trend. Several nations have become centers for blockchain technology, including Singapore, Israel, and Hong Kong, which has the largest number of blockchain enterprises in the area. The availability of venture funding and business-friendly conditions for entrepreneurs are credited with this increase.

The State of Blockchain Ecosystem in Asia

Around 58% of blockchain enterprises in Asia are under 5 years old, which is indicative of a significant concentration of new companies within the ecosystem. Their financial situation, with most of them in the seed or early-stage venture phase, reflects their young.

The growth of blockchain firms is significantly shaped by the availability of venture capital, with countries such as China, Israel, Hong Kong, Singapore, Malaysia, the UAE, and Qatar offering the most robust access to funding in Asia.

Notably, 35 percent of Asian blockchain companies base their business models on distributed ledgers, with Ethereum and Bitcoin being the most commonly utilized. These crypto-centric enterprises are more prevalent in Israel, Singapore, and Hong Kong than in China and India.

Photo: The ASEAN Post

With the recent surpassing of $1 billion in value, four Chinese generative AI firms have positioned themselves as challengers to well-established players like as OpenAI. Blockchain and AI technologies coming together might soon result in novel applications and solutions.

However, the growth of distributed ledgers in Asia, particularly in China, faces some issues. The PBoC, in its most recent financial stability report, highlighted several obstacles related to DeFi and digital currencies legislation. These challenges underscore the complexity of integrating blockchain into the existing financial framework. 

The PBoC emphasized the importance of international collaboration to effectively navigate and regulate the blockchain and cryptocurrency sectors. This call for global cooperation reflects the interconnected nature of financial markets and the need for harmonized regulatory approaches to foster innovation while ensuring stability and security.

China’s mainland has outlawed almost all cryptocurrency transactions, but the nation has still developed into a significant center for Bitcoin mining.

China plans to modernize its outdated anti-money laundering laws to tackle the rising risks associated with virtual assets. This move exemplifies the ongoing tension between local regulatory concerns and the promise of blockchain technology.

The combination of Alibaba Cloud’s innovative 

computing capabilities and CertiK’s experience in blockchain security might speed the adoption of blockchain technology throughout Asia’s varied industries. The collaboration may result in the creation of new applications that are more scalable and secure, which could impact industries like banking, supply chain management, and public services in a good way.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Viktoriia Palchik
Viktoriia Palchik

Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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