Alibaba Filing US Patent for Blockchain Domain Name Scheme
Coinspeaker
Alibaba Filing US Patent for Blockchain Domain Name Scheme
Chinese internet giant Alibaba Group applied for a United States patent entitled “Domain Name Management Scheme for Cross-Chain Interactions in Blockchain Systems.”
Their latest application was filed on Aug. 15 as an extension of their first application made in November 2018. According to the filing, Alibaba plans to patent a system that uses a so-called “unified blockchain domain name” (UBCDN) in order to designate and share information.
Alibaba also suggests using a special computing system with a view to creating a UBCDN message that has a blockchain domain name and a chain identifier which is linked to that name.
The filing specifically points out that the UBCDN message contains “a UBCDN of the blockchain instance, a digital signature of an owner of the UBCDN of the blockchain instance (a UBCDN owner) on the UBCDN, and a domain certificate of the UBCDN.”
Following everything that has been thoroughly explained in the patent application, this UBCDN system is meant to be used as merged methods of managing domain names in cross-chain interactions across blockchain systems.
The patent explains several instances in which this technology could be used, including those in the blockchain sector, especially by managers.
The application says:
“Furthermore, the UBCDN can include a human readable identifier or label, helping users to memorize and reach a blockchain instance easily, and thus promoting adoption or use of the blockchain instance. As an example, owners or operators of public blockchains, private block chains, or consortium blockchains can choose blockchain domain names that correspond to their names, helping users to remember the identifiers of the blockchain instances.”
The patent also explains the system as an improvement over existing interoperable blockchain networks, saying:
“Unlike existing cross-chain implementations such as COSMOS, that uses a relay chain for cross-chain interactions, in which each blockchain is assigned an identifier (ID) within the relay chain network but the ID only has a local scope and cannot be reused in other relay chain networks, in the described domain name scheme, the UBCDN can be used and is recognizable globally by all blockchain instances in the unified block chain network.”
Already in May this year, Alibaba chose to integrate blockchain technology into its intellectual property (IP) system made for global enterprises and brands. This new system is said to provide brands from different countries with a possibility to make e-deposits on Alibaba’s blockchain-powered platform. As a result, they will have the right to file intellectual property complaints.
Alibaba Group VP, Liu Song, then explained that the company was considering a variant of utilizing the technology in complex supply chains in order to create a closed eco-system that would be linked with local governments.
In other news, the group released their quarter results yesterday raising trust from the investors.
Maggie Wu, Chief Financial Officer of Alibaba Group said that revenue grew 42% to US$16,741 million, and adjusted EBITDA went high more than 25% year-over-year to US$5,976 million.
Daniel Zhang, Chief Executive Officer of Alibaba Group said that the company had a great quarter, and had expanded thei user base to 674 million annual active consumers.
In June 2019, their China retail marketplaces had 755 million mobile active users which reflects a significant increase on a quarterly base.
Alibaba Filing US Patent for Blockchain Domain Name Scheme
OhNoCrypto
via https://www.ohnocrypto.com
Teuta Franjkovic, Khareem Sudlow