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Blockchain News Press Release

Alibaba files the patent for blockchain technology directed towards real-world application

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The E-Commerce giant from China Alibaba has filed an application with the US Patent and Trademark Office for a new patent offering blockchain based system which empowers third-party administrators to intervene in a smart contract on account of illegal activities. The patent application was published by the USPTO on the 4th of October 2018.

The patent which was filed in March provides a blockchain enabled transaction system which allows authorised third parties to block or freeze users accounts that are found to be associated with illegal transactions.

Although the blockchain technology has certain features like transparency unchangeability and decentralisation. There are certain scenarios in real life business environment that cannot be handled with the current blockchain structures. These scenarios need administrative intervention due to the nature of business operations. For example, If a user performs illegal activity courts and legal system can act as an administrative intermediary to block and freeze such users financial accounts and their ability to do business. However, the smart contracts powered by blockchain do not have a similar ability.

The new patent document from Alibaba provides the flexibility of solving such real-world problems where some designated nodes on the network will have the power to process some intermediary actions if the user is determined guilty of an unauthorised or illegal activity.

The ethereum blockchain has a feature where upgradable contracts can be designed to separate logic and data into different contracts, this gives the developers some control over the contract once it has been issued as the logic and data contract can operate separately using a command & proxy channel. However, these upgradable ethereum contracts all quite complex and hence more susceptible to bugs. the new send from Alibaba aims at expanding and increasing the ability of administrators on the blockchain network resulting in simplification and easier implementation of chain Technology in the real world business environment.

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