Alibaba has continued to invest in blockchain technology, filing a patent for a blockchain-powered transaction system. The Chinese technology and financial services giant applied for the patent in Brazil according to a report by the Industrial Property Magazine. It will target diverse sectors, including real estate, financial services and insurance.
The system will be known as Ant Unicorn, the report has revealed. The patent filing didn’t disclose if the solution will target Brazil exclusively or if it will be a global solution.
Ant Unicorn will be applied in the financial services industry, covering credit card payments, enhancing security for transaction processing, invoice processing, utility bill payments and more. It will also be used in foreign currency exchange, foreign currency transfer and currency trading. The patent also states that the system will be used in the granting of loans.
Alibaba has been one of the largest investors in blockchain technology globally. It currently ranks first in China for blockchain patents and fifth globally, behind only the outright leader nChain, tech giant IBM, financial services firm Mastercard and digital currency company Coinplug.
Last month, the company was a key member in a drive by top Chinese companies to use technology to help the country fight the coronavirus. Through its payment platform AliPay, the company is working on a blockchain-powered bidding system that will allow users of online bidding apps to make contactless bids on goods and services. Once the system is up and running, Alibaba intends on integrating it in Ele.me, its online food delivery company.
Previously, Alibaba has also filed a patent for blockchain-powered domain name management system. The system will be used to manage domain names across different blockchains. It will assign a unique blockchain domain name that will contain a linked chain identifier and a blockchain domain name. Not only will this system enhance domain name security, it will also accelerate the adoption of blockchain technology, Alibaba claimed in its patent filing.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.