Alibaba Wins Two Patents to Make Its Blockchain Network Safer & Faster

Chinese internet tycoon Alibaba Group has won two U.S. patents intended to make its blockchain network faster and safer. 

One patent intends to lessen the time to verify block information, while the other is intended to assist participants in setting a validity period for a transaction in a blockchain network.

Both of the patents were authorized by the U.S. Patent and Trademark Office (USPTO) last week.

The endorsements come at a time with Ant Financial, the fintech arm of Alibaba, revealed the release of its Ant Open Blockchain Alliance, a consortium that intends to finance small and medium-sized organizations on its blockchain-based platform.

As indicated by the patent filing, when information is added to a node, the new innovation will identity the update verification value of the node by utilizing only the recently added information, not every one of the information in the block.

“The application will alleviate a problem in the existing technology, that much time is consumed because a verification value is calculated by using all data in a block,” the filing stated.

The other patent will be utilized to set up a validity period for a transaction, which means participants of a blockchain system can just process the transaction during a specific timeframe through either a logical clock or physical clock, as per Alibaba’s documenting.

For instance, the blockchain can be a consortium blockchain comprising of a domestic bank server, a third-party payment platform server, a foreign bank server, and a few client node devices filling in as member devices.

The operator of the blockchain can establish a validity period and convey online services like cross-border payment and asset transfers, the filing stated.

As indicated by a November report from Chinese blockchain analytics company Block Data on Chinese blockchain patents, Alibaba is one of the leading three firms in establishing blockchain patents, alongside China Telecom and OneConnect, a subsidiary of one of the country’s biggest insurers, Ping An Insurance.

Alibaba applied for the most blockchain patents last year with 90 blockchain-related innovations, followed by Bank of America and IBM.