Alibaba To Introduce Blockchain Technology To Their Intellectual Property System for Its Companies

Chinese news media Sohu reports that Alibaba is going to integrate blockchain technology in its IP system. The main purpose of introducing the blockchain is to enhance an intellectual property protection system. Implementing better intellectual services to businesses at a global level is also a purpose behind the system upgrade.

Small-sized enterprises can benefit from these better intellectual services. Not only the small-sized enterprises can benefit, but also medium-sized enterprises can benefit from these better intellectual services.

The company’s director of intellectual property protection, Ali Xizhi said that Ali is in the process of upgrading the filing of intellectual property rights by utilizing the openness, transparency, and inability to modify the blockchain. In this upgrade, Ali Platform Management introduced the financial grade commercial blockchain technology of Ant Financial Group.

On the Ali platform, more than 30 million new products and 1.5 billion stocks of goods are served by Alibaba’s intellectual property protection system every day. The application of blockchain technology will enable the platform to tens of millions of small and medium-sized enterprises, brands and entrepreneurs

Notably, Alibaba has applied for 262 blockchain patents, and Chinese internet titans Tencent and Baidu have applied for 80 and 50 such patients, sequentially, as recorded by the Intellectual Property Center of China Information and Communication.

From the timespan that goes from 2013 to 2018, Chinese companies were able to file a total of 4,435 blockchain-related patents. The United States was a runner up in this regard, as the company filed for 1,833 patients during the same time, occupying 21% of the patents.

It recently emerged that Alibaba Group was considering blockchain implementationfor cross-border supply chains. Alibaba Group VP, Liu Song, said that the company was looking at using the technology in complex supply chains to create a closed-loop ecological system that could be linked with local governments.