Alibaba To Launch Blockchain Development With Aerospace Information
Alibaba, a Chinese conglomerate of Internet companies, has partnered with Aerospace Information Co, a major software provider in the country. Within the framework of cooperation, developments will be carried out in the field of distributed ledger technology (DLT), cloud computing, and other areas, the local newspaper Securities Daily reports.
The parties agreed to conduct joint development and research to integrate new technologies in such areas, as government services, finance, and taxation. Representatives of Aerospace Information noted that the companies intend to provide cloud solutions to promote the blockchain industry growth.
In early March 2019, Liu Song, the vice-president of Alibaba Group, told about the company's plans to introduce blockchain into the supply chains of international cargo transportation. The private system will be synchronized with the governments of the countries that act as cargo recipients. According to Song, DLT and the Internet of Things (IoT) technology can be useful in customs and in international trade.
In October 2018, the conglomerate submitted a patent application describing blockchain technology aimed at combating fraudulent smart contracts. The developers proposed a solution by which verified users can block suspicious activity in the network.
As previously reported, the share of Chinese blockchain companies accounted for about half of all global investments for 2018. Ant Financial, owned by Alibaba, has managed to collect the highest amount of $14 billion.