Cryptocurrency
June 03, 2020
Alibaba is developing with Blockchain.

The Chinese trading giant is beginning to master Blockchain. The company sets positive goals for itself, both for its own business and for the entire industry. The company intends to develop a system that will combine Blockchains of different cryptocurrencies. This simplifies the interaction between different currencies and, in general, will make trading in the industry will be much easier, quicker, and more efficient.

Blockchains will be assigned unique domain names, which will help to improve the identification of components in a large system. Chains of blocks will function seamlessly because the best specialists are the ones in charge of the work. For the most part, the system is similar to the usual operation of internet sites. The technology is already patented, so Alibaba will develop it in no time. However, the project is not completed yet. Multiple tests and reviews are being conducted, which are necessary if we're talking about such a major platform. Theoretically, the platform could be absolutely limitless because special technologies will allow connecting countless Blockchains. To specify, the following text is written in the patent:

"Unlike existing interconnection implementations, such as Cosmos, UBCDN can be used and recognized globally by all Blockchains in a unified network, regardless of how many network connections are enabled."

However, it is possible that the patent will not arrive at a definitive conclusion. Often, it turns out that companies buy out unprofitable and risky technologies for their business and stick them in a faraway locker to make sure they are safe from problems. So we just have to wait and hope that Alibaba will proceed with the actual work and finish what was begun. Keep up with all the digital industry news with us. We only publish interesting and high-quality content. See you soon!

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ETH≊ EUR
€3,532.89
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ETH Gas
Fast (<1m): 167 Gwei
+18.44%
Fast (<1m): 128 Gwei
-0.78%
Standard (<2m): 98 Gwei
-8.41%
Safe low (<12m): 90 Gwei
-3.23%
BTC≊ EUR
€54,465
-5.14%
XRP≊ EUR
€0.95
-3.33%