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Alibaba announces launch of Blockchain Subsidiaries

Alibaba, one of the leading Chinese multinationals has announced that two blockchain subsidiaries will now operate with the company. The news came through leading Chinese media outlet, People’s Daily.

A peek at the Subsidiaries

The two subsidiaries are Ant Blockchain Technology and Ant Double Chain Technology. The former will focus on software development whereas, the latter will explore the potential of blockchain in supply chain processes and financial information services. The subsidiaries will be located in the the district of Huangpu in Shanghai.

China’s Acceptance of Blockchain Technology

While China has not yet openly accepted cryptos, however, they have certainly accepted blockchain. 

It is no more a hidden fact that round the globe most tech companies are tapping blockchain. For instance, Alibaba adopting blockchain will foster mass adoption, owing to companies 600 million active buyers.

Alibaba is also referred to as the “Amazon of China”. It had long been interested in blockchain, and owns more than 10% of all blockchain patents.The CEO of Ant Financial, Jing Xiandong, said that the company is “the most patented company” when it comes to usage of distributed ledger technology in the world.

Jack Ma, founder of the Alibaba Group, has openly praised blockchain. He said,

“The impact of blockchain on the future of humans may be far beyond our imagination.”

Towards Blockchain Adoption 

That being said, CoinMarketFeed reported yesterday Swissquote, an online banking and trading group is all set to launch a crypto custody this month. Starting March 21, institutional customers and retailers will be able transfer cryptos from wallets(external) in a Swissquote account. ‘

For the same, the firm has partnered with  Zug-based Crypto Storage AG, a subsidiary of Crypto Finance AG, for the custody service. 

Recently, multinational computing giant IBM became  the holder of the largest number of blockchain-based patents after getting approval for two more patents. 

The technological giant is adding to its stack of 89 blockchain based patents with two new applications, the United States Patent and Trademark Office confirmed on March 5. Second in the race of Blockchain patents stood Alibaba with 90 blockchain based patents.

TradeLens Solution by IBM and Maersk

Also, The Russian Ministry of Transport is planning to trial blockchain shipping solution TradeLens developed by IBM and Maersk. As per  the document, the Ministry of Transport will sign a memorandum of understanding with Maersk. The memorandum will be signed to launch a pilot of TradeLens in Russia’s second largest port, the Big port of St. Petersburg.