Jack Ma led Alibaba files Patent for Blockchain Technology System

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.”

and

“[…] 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.

 


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