Blog

Alibaba Files Patent for Blockchain System That Allows "Administrative Intervention"

Chinese e-commerce conglomerate Alibaba has filed a application with the U.S. Patent and Trademark office (USPTO) for a blockchain based system that permits a 3rd party administrator to intervene in a smart contract in case of illegal activities. The USPTO printed the application on Oct. 4, 2018.

A smart contract is a computer protocol designed to digitally verify or enforce the negotiation or performance of a contract. smart contracts are self-executing, with the terms of the agreement between the parties being directly written into lines of code.

The patent document, that was at the start filed in March, 2018, describes a blockchain powered transaction method that allows authorized parties to freeze or halt user accounts related to illegal transactions, or intervene in a blockchain network.

The patent seeks to develop a system for effective administrative supervision of all accounts in a blockchain network, though the scope of supervising are restricted, which implies it’ll not limit normal transactions within the blockchain network.

Chinese e-commerce conglomerate Alibaba has filed a application with the U.S. Patent and Trademark workplace (USPTO) for a blockchain based mostly system that permits a 3rd party administrator to intervene in an exceedingly good contract in case of illegal activities. The USPTO published the application on Oct. 4,2018. a sensible contract is a computer protocol designed to digitally verify or enforce the negotiation or performance of a contract. smart contracts are self executing, with the terms of the agreement between the parties being directly written into lines of code. The patent document, that was at the start filed in March, 2018, describes a blockchain powered transaction methodology that allows approved parties to freeze or halt user accounts related to illegal transactions, or intervene in a blockchain network. The patent seeks to develop a system for effective body supervising of all accounts in an exceedingly blockchain network, though the scope of supervision are will be, which implies it’ll not limit normal transactions within the blockchain network.

Leave a Reply

Your email address will not be published. Required fields are marked *

*required

Previous Post Next Post