Data presented by Stockapps has shown that Alibaba Group, a leading eCommerce platform has become the world’s largest holder of blockchain patents, having achieved 2,588 active or pending patents in 2021.
According to Stockapps, Alibaba has been investing heavily in BC as part of its plan to transform its supply chain and logistics businesses and StockApps’ Edith Reads isn’t surprised by its moves. She holds:
“Alibaba’s dominance in this field is due to its commitment to innovation and forward-thinking. The company has been investing heavily in research and development for years, even before cryptocurrencies popularized blockchain.”
Stockapps believes that Alibaba’s keen interest in Blockchain investments is part of an aggressive strategy to defend its business model against its competition from Amazon and Walmart, which are also looking at reducing costs by adopting BC.
Besides streamlining their supply chains, they seek to use the technology to offer consumers new ways of shopping online or offline.
The Alibaba Group has made strides in applying BC technology in financial services, cloud computing, and logistics management. Its Ant Financial Services unit owns and operates Sesame Credit, a credit scoring system based on BC technology.
Additionally, it runs an accelerator program for startups in this space and set up a dedicated research lab on blockchain technology. The firm’s smart city platform, City Brain, is helping to manage 23 cities across Asia. The platform runs on Blockchain.
In August 2017, Alibaba Group unveiled its first blockchain-based intellectual property (IP) protection platform: Alibaba IP Protect. The platform uses blockchain technology to help companies protect their IP rights across multiple jurisdictions and industries.