The Chinese internet giant, Alibaba, has applied for the most blockchain patents with 90 blockchains related to technologies and by following IBM and Bank of America in the year 2018. The group has won two U.S. patents this week.
The two licenses are designed for making their blockchain network more fast and smooth. The U.S. patent and trademark office approve these two patents. One of the patents is designed for reducing the time of verifying the block data, and the other copyright aims to set a validity period for a transaction in the blockchain market.
- Alibaba announces the launch ceremony of its Ant open blockchain alliance soon as the approval comes at a time with Ant financial. The open ant alliance will help small and medium-sized businesses to provide finance through its blockchain-based platform. As per the patents, the new technology will determine and verify the value of the node when the data is added.
- The new technology will update the verification value and determine the node by using the newly added data, not the overall data of the block. The new technology will decrease the problem of current technology that consumes more time to verify the value of the node by calculating all the data I block.
- The second patent will help the participants to process the transaction during a specific time of person via physical or a logical clock. The operators can set up a validity period time and bring to effective action the online services like cross border payments and asset transfers. For example, the blockchain will be a platform where a third party payment server, domestic bank server, foreign bank server, and several other user node devices can serve as member devices.
- In the November report of Chinese blockchain analyst, Alibaba listed in the top three companies in developing blockchain patents. The two companies on this list are China telecom and one connect. The Alibaba group has 102 total patents, and 20 of them are purchased from international business machines (IBM). A famous researcher Envision IP has stated that the Alibaba group has more than 300 applications for technologies like payment processing, product recommendations, and picture searches.
The two new patents will help Alibaba group to avoid the pitfalls that bedeviled Google, facebook, twitter before their initial public offerings (IPO). As per the new York-based envision, when a company announces its IPO plans, it will become a target for its competitors who are already stable in the market. The patents will protect the company’s application from copying or duplication issues.
On November 13, 2019, Alibaba has announced to issue 500 million new ordinary shares worldwide, and this prospectus has appeared on the official website of the stock exchange of Hong Kong.
Thus the Alibaba group is going to make its blockchain network smoother and faster. The participants will get help to reduce the time consumption of determining and verifying the node data and can set a specific period for the payment process.