The Alibaba Group has made strides in applying blockchain technology in financial services, cloud computing and logistics management. PHOTO/ COURTSEY
Alibaba Group is now the world’s largest holder of blockchain patents according to a new report. Stockapps.com has presented data showing that the Chinese e-commerce giant had 2,588 active or pending patents in 2021.
The firm has been investing heavily in blockchain as part of its plan to transform its supply chain and logistics businesses and StockApps’ Edith Reads isn’t surprised by its moves.
She holds: “Alibaba’s dominance in this field is due to its commitment to innovation and forward-thinking. The company has been investing heavily in research and development for years, even before cryptocurrencies popularized blockchain.”
The Chinese e-commerce giant’s patent activity is part of an aggressive strategy to defend its business model against its competition. Competitors like Amazon and Walmart are also looking at reducing costs by adopting blockchain.
Besides streamlining their supply chains, they seek to use the technology to offer consumers new ways of shopping online or offline.
The Alibaba Group has made strides in applying blockchain technology in financial services, cloud computing and logistics management. Its Ant Financial Services unit owns and operates Sesame Credit, a credit scoring system based on blockchain technology.
Additionally, it runs an accelerator program for startups in this space and set up a dedicated research lab on blockchain technology. The firm’s smart city platform, City Brain, is helping to manage 23 cities across Asia. The platform runs on blockchain.
In August 2017, Alibaba Group unveiled its first blockchain-based intellectual property (IP) protection platform: Alibaba IP Protect. The platform uses blockchain technology to help companies protect their IP rights across multiple jurisdictions and industries.
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