Alibaba, one of China’s leading e-commerce, retail, internet and tech services firm, is reportedly integrating blockchain technology into its platform following a security review of its Intellectual Property Protection system for global enterprises and brands.
According to a local newsgroup, Sohu, Alibaba will use the technology for the security of its Intellectual Property Protection (IPP) system and digital copyright protection. Alibaba’s Intellectual Property Protection director Ali Xizhi hopes that they will start integrating blockchain technology in September 2019.
IPP and electronic deposits
The IPP Platform will directly link electronic deposits from international brands to the Internet courts and provide a basis for litigation rights protection. The platform will serve “tens of millions” of small and medium-sized enterprises and brands.
This is not the first foray into blockchain by Alibaba. Its financial section of the company, Ant Financial Services already has two blockchain subsidiaries called Ant Blockchain Technology and Ant Double Chain Technology. Ant Blockchain is focused on software development while Ant Double Chain is aimed at innovating the supply chain management system and financial information services.
Alibaba also introduced the tracking of rice made in the Wuchang district of China with the use of blockchain. This was done to help the people and the government recognize counterfeit products.
Alibaba adds to China’s love for blockchain systems
The proposed move by Alibaba strengthens the usage of blockchain in China, which has grown exponentially in recent times. From administration in the blockchain village of Wenzhou to port invoices, the People’s Republic of China has embraced blockchain technology wholeheartedly.
This acceptance is in stark contrast to cryptocurrencies, the entity which brought blockchain technology to prominence. China’s Bitcoin ban has only been strengthened in recent months, with the nation even clamping down on mining and other crypto related industries.
Just this month, Wechat banned the usage of Bitcoin and other cryptos on its platform. It has been said that this is due to external pressures as the Chinese government looks to outlaw the currency.