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Chinese multinational conglomerate Alibaba Group has secured two U.S. patents that could help accelerate the speed of its blockchain network. The patents will accomplish two things.
First, it will reduce the time to verify a data once it gets added into a node. This is done by verifying only the new data that’s been recently added, as opposed to verifying the entire block.
The second patent is providing a validity period for a transaction, which allows participants to process a transaction on the network on a specified time via a physical or logical clock. The blockchain operator can set up a certain schedule to bring services online like asset transfers or cross-border payments, CoinDesk reported.
Alibaba’s blockchain initiatives are still growing
This new development comes at the heels of Alibaba Cloud and blockchain startup Credits teaming up to enter China’s logistics industry. Blockchain has the capacity to solve a lot of issues in this sector thanks to its transparency, transaction speed, real-time tracking, and immutable ledger.
“China is a thriving market of online purchased goods and the country is actively exploiting this segment. We have developed a lot of solutions that needed to be taken to improve a sector as diverse and immense as logistics in a country with a population of well over 2 billion,” said Credits CEO Igor Chugunov.
More projects to launch
Meanwhile, Alibaba’s fintech arm Ant Financial is currently gearing up to launch its blockchain platform that will help Small and Medium Enterprises (SMEs). The platform – called Ant Blockchain Open Alliance – will allow others to participate in the network although rigorous screening will be employed to add integrity to the chain.
Jieli Li, the subsidiary’s senior director of technology and business innovation, said that participants will be evaluated based on what industry they’re operating in and not on their regions. Although the network will welcome a lot of interested participants, those in certain sectors will be given more priority.
“As for the node partners, we are more cautious, and we can't disclose too much at the moment. Because to form a credible value network, not only do they need to be a consensus accounting node, but they also need to provide authoritative endorsements. For example, some educational institutions and certification bodies provide credibility in the chain, which is our responsibility to do this platform,” Li said.
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