The technology known as Web3 has changed the way financial transactions are done by getting rid of middlemen and making it possible for safe peer-to-peer transactions to happen in a way that is not controlled. Still, Web3 poses different security problems and worries, such as the fact that blockchain networks could be vulnerable to hacking attacks. Companies that focus on Web 3 security are always coming up with new ways to protect Web 3 transactions, with the goal of solving the problems listed above.
PureFi, which is a system for decentralized finance (DeFi) cryptocurrency onboarding, has come up with a new way called SafeTransact. The goal is to make sure that Web3 transactions are safer. SafeTransact looks at blockchain transactions to see if they look strange. If it does, it tells users right away to add another layer of security. The reason this solution was made was to make it easier to work with AMLSafe, which is a multi-cryptocurrency wallet that is part of the same network.
The SafeTransact system looks at things like the token address, the source address, the spender address, and the amount to figure out how risky approved transfers are. The system looks at the “from,” “to,” and “amount” addresses that are entered to figure out the risk levels of token transfer deals. For a full risk assessment, the analysis looks at decentralized exchange addresses, money senders, tokens coming into and going out of the exchange, as well as the amounts being sent.
Since DeFi and Web3 are used by so many people, security has become a very important issue. Chainalysis just released a study that shows how security needs to be improved. According to the research, there were the most computer threats and data breaches in the DeFi business in the year 2022. Security companies do tests of Web3 applications to find any possible flaws or risks. Also, these businesses offer security solutions that are made for blockchain technology. These solutions could help find and stop blockchain network breaches.
The SafeTransact technology has made it easier for Web3 to become more secure. It is possible to reduce the chances of cyber attacks and security breaches by analyzing blockchain transactions and looking for strange things that happen. Also, the partnership with AMLSafe adds another layer of security by making it possible to check that all financial transactions follow the rules against money laundering.
To sum up, businesses that specialise in Web3 security play an important part in making sure that blockchain-based platforms and apps are safe by offering a variety of services. Due to the unique difficulties and risks that come with blockchain-based transactions, security companies are always looking for and implementing new ways to protect Web3 transactions. SafeTransact’s addition to the global coin security system by PureFi is a good thing, and it shows that Web3 security is still being worked on.