Alibaba Group has amassed the most blockchain patents in the world. According to data from Stockapps.com, the Chinese e-commerce behemoth had 2,588 active or pending patents in 2021. StockApps’ Edith Reads isn’t shocked by the company’s investment in BC as part of its drive to overhaul its supply chain and logistics companies.
What makes Alibaba so interested in Blockchain?
Patent filings by the Chinese e-commerce behemoth are part of an aggressive campaign to defend its business model against competitors. Amazon and Walmart, for example, are aiming to cut costs by using BC.
They want to use technology to offer consumers new options to shop online and offline and optimize their supply chains.
Where does Alibaba use Blockchain technology?
In financial services, cloud computing, and logistics management, the Alibaba Group has achieved significant progress using BC technology. Sesame Credit, a credit scoring system based on BC technology, is owned and operated by Ant Financial Services.
It also conducts a blockchain accelerator program for entrepreneurs and has established a specialized blockchain research lab. City Brain, the firm’s smart city platform, assists in managing 23 cities around Asia. Blockchain is used to power the platform.
Alibaba IP Protect, Alibaba Group’s first blockchain-based intellectual property (IP) protection platform, was launched in August 2017. The platform employs blockchain technology to assist businesses in protecting their intellectual property rights across various nations and industries.