Alibaba And Chinese Software Giant Aerospace Information Team Up For Blockchain Development

Alibaba And Chinese Software Giant Team Up To Promote Blockchain Development

Alibaba, the Chinese e-commerce giant, has recently started a partnership with Aerospace Information Co., an important developer from China. Both companies start a joint effort to cooperate on creating blockchain technology and cloud computing, among other highly important technologies.

According to the report made by the local financial site Securities Daily, the two companies will use their respective techs in order to integrate their resources for strategic cooperation between the two companies. The industries which are set to be affected by the new partnership are cloud computing, taxation, finances, and the governmental administration.

The main goal, according to the local reports, is for the companies to come up with new ways to integrate the portfolio of technologies that they both have in order to create brand new products. They are also interested in providing solutions that could help the blockchain industry to growth in China and to reach the next level.

Alibaba, China, And The Blockchain

It is not a secret that China is a fan of blockchain technology. While the country does not like cryptocurrencies and it has banned most of them from the country (at least legally, since a lot of people still use them), many state-backed and private initiatives are exploring the potential of the tech.

As Alibaba is one of the most important companies in China, it is natural that it is also focused on providing important blockchain solutions for its clients.

For instance, Liu Song, the vice president of the Alibaba Group, has affirmed that one of the plans of the company is to create a use for the blockchain technology in order to make the cross-border supply chains of Alibaba for more effective.

This would mean that the technology would be used to link several different ecosystems with local governments and to create a route for trading that would be faster and cheaper than the ones which exist at the moment.

In October last year, Alibaba has also filed a patent for a new system which would use the blockchain in order to allow third parties to intervene in smart contracts.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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