In the year 2018. World-renowned Chinese Internet firm. Alibaba Group, apply for over 90 blockchains. Which is the most number of blockchain patents. Any company has ever applied. Right after the Bank of America. as well as IBM. As a result. Alibaba has successfully secured to US patents.
With these two licenses under their belt. Alibaba now has the capability of making its blockchain network. More secure. Moreover, safe, and further fast. Following this announcement. Alibaba becomes one of three major global firms. Around the world. Alongside OneConnect. – A subsidiary of Ping An Insurance –. And China Telecom to create blockchain patents.
The US Patent and Trademark Office (USPTO). Approved both of these patents. Moreover, this move comes round the same time. The fintech arm of Alibaba. Ant Financial had announced the launch. Of its consortium. Ant Open Blockchain Alliance. Furthermore, this will allow its blockchain-focused platform. To finance small as well as medium-sized firms.
(ICBC), Ant Financial and Alibaba formed Partnership
What’s more. Is that the Industrial and Commercial Bank of China (ICBC). Ant Financial and Alibaba formulated a partnership. And had announced. That they will be offering improved financial. as well as, fintech services. In several areas. Each of these companies will work. Together to introduce new smart technologies. And product innovations to enhance. Their fintech services. Scenario-based financial services. Cross-border finance. And electronic payment settlement. Are the areas that these three companies have set their priorities on.
Alibaba Group CEO. And chairman Daniel Zhang. Spoke how much Ant Financial and his company values. The extensive relationship with ICBC. Furthermore, thanks to their long-term commitment. Moreover, support for creating a better future. It has enabled them. To improve upon Alipay. As well as, the wider digital economy in all of China. Zhang says that their partnership will never stop. From their mission and will always aim further. To utilize digital technology. They will improve the lives of citizens. As well as take the nation’s economy to a whole new level. ICBC and Alibaba have a powerful bond. Furthermore, they have built mainly on trust. They will continuously do. Whatever it takes to build a brighter future. For everyone.
How U.S. Patents Designed works
Each of the two patents comes with its own set of values to the entire blockchain-based platform. One patent cuts down the amount of time to determine verification value where every data in a block is used. Instead, it will only determine a node’s verification value using data that’s been recently added.
In the meantime, the second patent sets up a transaction’s validity period. Moreover, Blockchain network users will only have one specific transaction processed for that specific time period. Per the patent filing. Hence, one can accomplish through a logical or physical clock. An example of this would be when a blockchain can also be a consortium blockchain that comprises a foreign bank server, a domestic bank server, a third-party payment platform server, as well as member devices that serve as various user node devices.
This amazing development also comes right after blockchain startup Credits and Alibaba Cloud teamed up to enter the logistics industry of China. Because of its transaction speed, transparency, immutable ledger, and real-time tracking, blockchain is capable of solving several issues in this sector.
These two patents will also enable Alibaba Group to avoid making the same mistakes that scarred Facebook, Twitter, and Google before their initial public offerings (IPO). This is because when a brand announces plans for its IPO, competitors already stabilized in the market will target it. These patents can protect the firm’s application from encountering any problems regarding duplication or copying.
Igor Chugunov, CEO of Credits spoke highly of China’s escalating market of online purchasable items. As well as, how much the nation is actively improving in this area. Igor’s company has already come up with several solutions. China can take to improve its logistics industry. Therefore, It becomes massive enough to accumulate a population of over 2 billion.