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Alibaba Apply for International Payments Patent

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Alibaba have revealed yet another patent application from earlier this year, which focuses on a way to make international payments faster, using blockchain technology.

The patent, known as “A System and Method That Adjusts Account Balance on a Blockchain”, was filed with the China State Intellectual Property Office in early 2018. The idea centers around third parties acting as verifying nodes, which initiate smart contracts and then update relevant balances, thus eliminating the need for an intermediary.

Towards the end of 2017, Alibaba released a paper entitled “Blockchain, Artificial Intelligence, Security, Internet of Things and Cloud Computing” (BASIC), outlining their strategy for growth in the world of blockchain and digital tech. They are now involved in blockchain projects for food, healthcare and supply chain. And Jing Xiandong, the CEO of Ant Financial – the financial arm of Alibaba, believes that the company are the “most patented in the world of blockchain technology”.

Alibaba and Ant Financial are certainly making big moves of late – as reported right here on Bitrazzi.com. Recent news stories include their partnership with Standard Chartered to provide blockchain remittance service for customers looking to transfer funds between the Philippines and Hong Kong, and their massive $14 billion Series C funding.

Stay tuned for all the latest developments from Alibaba and other major firms, right here at Bitrazzi.com

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