China IT Giant, Alibaba’s Ambition towards Blockchain
Alibaba, Another big step towards Blockchain.
According to a recent financial publication, Securities Daily of China, on 21st March, China IT giant, Alibaba has triggered another serious partnership with the important software developer and service provider Aerospace Information.
Both companies have signed the official strategic cooperation agreement for Clouding Computing, taxation, administration service and other blockchain related service of technological development.
They will be utilizing their own technologies to integrate their resources and to perform their in-depth cooperation. The industries that are set to be affected by the new deal between both companies are cloud computing, finances, taxation, and government based administration.
Alibaba has expressed its strong ambition to further improve its blockchain technology that they have accumulated through this cooperation.
The Alibaba official said, “With this collaboration, we will jointly develop a Computer clouding solution to drive the development of the industry.”
Alibaba’s blockchain campaign and projects are considered a national strategy in China. It has been making its own achievements by sticking to the development of blockchain technology repeatedly. Also, as one of the largest global top IT companies in China, They have expressed their aspirations to export these technologies worldwide.
So what is the most remarkable achievements that Alibaba has shown so far?
October Last year, deep in the bear market, Alibaba Group showed resilience amidst the dampening market conditions, when its cloud computing subsidiary, Alibaba Cloud, expanded its enterprise blockchain (BaaS) to global markets including Europe, the US, and Southeast Asia.
Within the same month, according to the CCN’s report, Alibaba filed a patent for a blockchain technology in the United States Patent and Trademark Office (USPTO) that allowed regulators to freeze illegal trade through a subsidiary located in the Cayman Islands.
In other words, the regulator intervenes those legal deals through the blockchain network, allowing them to identify illegal transactions, and providing them with the function to freeze the transaction if necessary.
According to the related report, “Although there was an administrative agency involved in illegal transactions, it has been very difficult to intervene in transactions that run in the smart contracts. It is time for us to have a technology that can stop the trading as if it is needed. “
Recently, in late March 2019, Alibaba also introduced a “closed circulation system” that introduces blockchains to the complex supply chain management systems.
In addition, Liu said Alibaba has a new technology development plan that will introduce customs brokers and the Internet within the international transportation and transaction finance sectors.
Alibaba has previously announced plans for the introduction of blockchain technology in the supply chain and has shown aggressive moves to every field.
The massive amount of capital flow into R&D to Alibaba.
Alibaba has put a great deal of effort into the R&D in order to create the basic technology base for such business expansion.
As a result, on 3rd September 2018, according to IPR Daily, a specialized media related to intellectual property rights in China, Alibaba has ranked no.1 among other global top tier companies with its own 90 patents.
As seen from the report above, more than half of the 100 companies listed are in fact Chinese, with companies such as Tencent, Huawei, and Baidu, which led the surge of Chinese blockchain technology development.
From developing a patent, a closed system, and supply chains to expanding a new blockchain business service, If you look at it in this order, we can easily guess what Alibaba has ambitions for in 2019 and moving into the future.
As a result of my analysis, it is pretty clear that Alibaba will now create a private chain rather than the Public chains like others, only being used by members of a certain consortium, with the further assertion that Alibaba will create a platform that can be customized for each company and industry.
“MADE IN CHINA 2025” in accordance with the slogan, as a pioneer in IT and blockchain technology in global society, we can already see that they have already started to develop early, acquiring blockchain patents to take priority.
If Alibaba’s services start to become active, their patents will create good business opportunities to make the foreign capital flow to China, and those companies who need the technology of Alibaba having to pay the cost, which will I predict to be of a substantial amount, with their pride not being taking into consideration. Korea, renowned as the Kingdom of Crypto, will not be able to escape this dilemma.
Korea. renowned as the Kingdom of Crypto, will not be able to escape this dilemma.
So, where does technology, capital, and projects come from to build that smart city?
From China? Or does it come from Korea itself?
If this kind of situation will be ongoing, it has to come from China, with the capital of the Korean government inevitably flowing into the Chinese market with resources and technologies following shortly after.