- China’s eCommerce huge, Alibaba, has already been granted acceptance for a ‘unified blockchain domain title’ (UBCDN) by the U.S Patent.
- This will progress the firm’s footprint in blockchain provided latest milestones under its blockchain subsidiary, Ant Financial.
Dubbed ‘Cross-chain interactions utilizing a domain title scheme in blockchain techniques‘, the patent was filed back April 2019 in a bid to create cross-chain interactions a lot more seamless. In accordance with Alibaba, the UBCDN proposes a larger value compared to the current cross-chain systems like Cosmos.
The idea of interoperability provides emerged as a primary essential for blockchain systems, particularly when it involves communication between companies or huge entities. Alibaba’s UBCDN aims to resolve existing inefficiencies related to relay chain ecosystems. Ideally, the look is founded on supplying a unified process to help the conversation of blockchains deployed on confirmed system. The patent reads,
“The explained domain title scheme can offer a unified process for interactions between blockchain techniques in a unified (or worldwide) blockchain network which includes several or all blockchain situations deployed, predicated on different blockchain items or technology.”
In comparison to the Cosmos relay chains, Alibaba observed that its method can make it simpler to identify blockchain situations despite being used in another ecosystem. In the previous, a chain is usually assigned several ID’s before getting together with different chains therefore rendering it difficult to recognize a system in the long-operate. With Alibaba’s UBCDN, this can not be considered a challenge because the chains will preserve a referred to domain scheme producing them globally identifiable.
In add-on, this cross-chain item might add a human-readable identifier that can help the blockchain customers to raised memorize their situations.
“For example, proprietors or operators of open public blockchains, personal blockchains, or consortium blockchains can select blockchain names of domain that match their brands, helping users to keep in mind the identifiers of the blockchain situations….”
Alibaba’s Expansion in to the Blockchain Room
Notably, this is simply not the initial blockchain milestone by Alibaba; the company has already been actively mixed up in industry competing with IT giants like Huawei. This past year, the blockchain hands of both companies had been both approved by Chinese Authorities. Since that time, Alibaba has committed to several blockchain-based tasks through Ant Financial.
Its blockchain system ‘Ant’ got facilitated over $6 billion in medical billing by Q4 in 2019. Heading by these advancements, the newly obtained patent might enhance the portfolio of items/projects under Alibaba’s blockchain initiatives.