Chinese multinational conglomerate and e-commerce specialist Alibaba is pushing on with its foray into blockchain implementation after applying for 262 blockchain patents.
With those patents in hand, Alibaba will integrate its blockchain technology into its intellectual property system of global enterprises and brands.
According to a report by Intellectual Property Centre of China Information and Communication, Alibaba has pencilled in full implementation by September, after which the technology will be expanded to digital copyright protection, including visual content.
It’s thought Alibaba will use its blockchain implementation for cross-border supply chains, in order to create a closed loop ecological system between the complex network of supply chains it works with, that could then be linked with local governments.
As the Chinese e-commerce giant continues to make headway, Amazon last month announced it would scrap its online store in China as of July after struggling to make a dent in the market dominated by rivals Alibaba and JD.com.
The retail giant revealed it will shut down its Chinese language site Amazon.cn and no longer provide services to sellers in the country as of July 18.