Chinese e-commerce giant Alibaba has filed a patent with the USPTO ( U.S. Patent and Trademark Office) in order to secure the rights to the blockchain-based system that allows a third-party administrator to intervene in a smart contract in case of illegal activities.
The patent filed in March describes a blockchain-powered transaction method that enables authorized parties to freeze or halt user accounts associated with illegal transactions, or intervene in a blockchain network.
The goal of securing the patent will be to develop a system for effective administrative supervision of all accounts in a blockchain network. The patent states: “In real life, however, there is a type of administrative intervention activities in the category of special transactions. For example, when a user performs illegal activities, a court order may be executed to freeze the user’s account. However, this operation activity conflicts with smart contracts in existing blockchains and cannot be carried out.”
“[…] upon receiving an operation instruction sent from a designated account, a node in a blockchain network can invoke a corresponding smart contract when determining that the operation instruction is issued legally, to execute corresponding operations on an account corresponding to the to-be-operated account information, which achieves a goal of supervision on accounts in the blockchain and solves the problem of processing special transactions like administrative intervention in a blockchain.”
Link to the complete article, here.
About Bank Of Hodlers
Bank of Hodlers is a Blockchain based firm that provides services in terms of ensuring security against Crypto thefts, providing Crypto credit cards and Crypto backed loans.
We are about to release our Airdrop in the coming weeks. Make sure you sign up and claim your early bird tokens.
Stay up to date with Bank of Hodlers by joining our Telegram community –https://t.me/BankofHodlers